A new study by fintech firm MX has found that more than 80% of consumers in the US use mobile banking at least once every week.

The new finding is part of the MX 2019 Ultimate Guide to Digital Transformation. The report indicates massive switching to digital mediums by consumers to meet their banking requirements.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

MX Study: Details

The report noted that around 90% of consumers interact with their bank more through digital channels than branch visits.

Around 84% of consumers said that they use mobile banking weekly while 26% said that they use the same on a daily basis.

Additionally, more than 25% of consumers in the US were found having at least three banking or financial apps on their phones.

The MX study highlighted that 77% of consumers expect their bank to provide personalised financial advice through a digital device.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, 4% of the respondents said that they do not trust their financial institution with their data. Majority of the respondents (71%) also expressed frustration over an unclear bank transaction description.

Besides, 94% of the respondents showed eagerness in knowing if their bank can offer better deals compared to existing services.

MX chief marketing officer Don MacDonald said: “The financial industry is going through a massive digital transformation as consumers turn to digital tools and mobile apps to do what was traditionally done within the walls of a bank or credit union.

“Financial institutions that use data to better understand their customers and deliver breakthrough digital experiences will be rewarded with greater customer loyalty, engagement and ultimately higher deposits and greater share of wallet.”

MX is a US-based financial technology company that supports the digital transformation of banks, credit unions and fintechs.

Since its inception in 2010, MX has powered over 2,000 financial institutions.

Earlier this year, the company secured $100m in Series B financing.