Banking Apps Outpace Mobile Payment Apps Posted by Association of Vermont Credit Unions on 1:04 PM

Banking apps continue to lead in the categories of both downloads and active users.

As reported by CU Times, consumers are using banking apps more often than they’re using mobile payment apps, according to new data from fintech software development company Entersekt. The findings could point to an opportunity for credit unions and other financial institutions to win over more mobile users, it noted.

Done in conjunction with The Harris Poll, the online survey of 1,928 U.S. adults who own mobile devices found that 59% used banking apps at least once a week. Only 1/3 said they used mobile payment apps that often.

The survey also found that 71% of mobile device owners have used mobile payment apps, but only 7% used those payment apps daily. In comparison, 20% said they used banking apps daily.

Many consumers may be in the app-exploration phase, the data suggested. More than two-thirds (68%) said they had more than one app for banking and payments, and 37%
had three or more.