Most Consumers Use Mobile Banking Just to Check Balance

That bank’s mobile app has a killer P2P feature—too bad most consumers are busy checking their balances.

According to the April Monkey Insights report released this week by Malaluzai software, checking their balance and transaction history is what happens 77% of the time a user logs into their banking app. That number has remained relatively flat despite the addition of alternative banking features within mobile, with the company citing that users checked their balance for 76% of total sessions in a 2014 report.

Consumers take advantage of other app features, such as bill pay and money transfer, for a collective of 23% of total sessions sessions.

The two most popular additional features–money transfer and accessing bill pay–are used for less than 10% of the total mobile sessions, according to the report.

The report highlights key trends in Internet and mobile banking usage based on March 2017 data for 435+ banks & credit unions, covering 13.2 million logins from 730,000 active Internet and Mobile Banking users.

The full report is available here.

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2 thoughts on “Most Consumers Use Mobile Banking Just to Check Balance

  1. Mobile Coupons & loyalty were the top 2 features wanted in mobile banking according to a recent Financial Brand published survey. Mobile shopping is far more engaging then mobile banking. We see 30% of mobile banking customers access our mobile shopping content every month. If you want to drive engagement & increase monetization opportunities with your mobile channel then add mobile shopping content.

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