What Banking Activity Do Most Consumers Use Mobile Banking For?
Discover what consumers primarily use mobile banking for, revealing key insights into modern financial management habits.
Mobile banking has transformed how individuals manage their finances, offering access to banking services directly through smartphone or tablet applications. This digital shift provides convenience, allowing users to handle various financial tasks from nearly any location. Over half of U.S. consumers now prefer mobile banking for managing accounts, leading to a diverse range of activities performed within these platforms.
Checking Account Balances and Transaction History
Checking account balances and reviewing transaction history consistently ranks as the most common mobile banking activity. Approximately 90% to 94% of mobile banking users regularly utilize their apps for this purpose. This helps users stay informed about available funds across various accounts, including checking, savings, credit cards, and loans. Users can quickly view their current balance, which aids in managing daily spending and making informed financial decisions.
The ability to instantly review recent transactions allows users to track spending, categorize expenses, and identify unauthorized activity. Many check accounts daily to monitor deposits, withdrawals, and ensure accuracy. This immediate access provides security and control over personal finances, reducing the need to visit a physical branch or wait for monthly statements. The ease and speed of retrieving this information contribute significantly to its high usage.
Managing Payments and Transfers
Beyond checking balances, mobile banking applications are widely used for moving money, both between a user’s own accounts and to external recipients. Transferring funds between personal accounts, such such as from checking to savings, is a common action, performed by around 61% to 62% of mobile banking users. These transfers can be executed immediately or scheduled for a future date, providing flexibility for financial planning and avoiding overdrafts.
Paying bills directly through mobile banking is another highly utilized feature, with nearly half of mobile users engaging in this activity. Users can set up one-time or recurring payments for expenses like utilities, rent, or loan installments. Managing payees and receiving eBills through the app helps ensure timely payments and avoids potential late fees. Additionally, transferring money to other individuals via peer-to-peer (P2P) services is increasingly popular, enabling quick and fee-free money exchanges.
Utilizing Other Common Features
Mobile banking applications also offer other features that enhance financial management, though they may be used less frequently than balance checks or transfers. Mobile check deposit allows users to deposit checks by simply taking a photo of the front and back with their device, eliminating the need to visit an ATM or branch. This process is generally secure, and funds are typically available within one to two business days.
Alerts and notifications keep users informed about account activity. Customers can customize alerts for low balances, large transactions, direct deposits, or upcoming bill due dates. These alerts can be delivered via email, text, or push notification, helping users monitor finances and detect suspicious activity promptly. Apps also include an ATM and branch locator, enabling users to find nearby physical banking locations and services. Many mobile banking apps provide direct access to customer service through secure messaging, chatbots, or direct call options, offering convenient support for account inquiries.