Study shows wide adoption of mobile banking app among US consumers

 In News

A new survey from TSYS has found that mobile apps from financial institutions are highly adopted and frequently used by consumers, according to a press release about the results.

Out of 1,000 consumers that TSYS surveyed online consumers earlier this year, 50 percent said that they have installed a mobile app from their bank. Of these, 70 percent said that they use the app a few times a month or more.

“We expect the emphasis on digital engagement and technology to continue as innovation increases and new products become available to consumers,” John Dale Hester, group executive of relationship management at TSYS, said in a statement. “Providing a more robust customer experience and expanded consumer choices will help drive progress and innovation within the payments industry.”

Other key findings include:

  • although debit continues to be the most preferred payment type among U.S. consumers, it has declined during the last two years. Forty-one percent of consumers prefer debit cards, down from 43 percent in 2014 and 49 percent in 2013. Credit card preference held steady at 35 percent;
  • loyalty and rewards are important in driving consumer behavior and affecting payment preference. Fifty-five percent of respondents chose rewards as the most attractive feature of their preferred credit card;
  • when interacting with their financial services provider, email is the most preferred channel of communication among consumers. Forty-six percent reported preferring email communication from their bank regarding purchase transactions; and
  • when asked about the frequency of receiving marketing and special offers, 43 percent of respondents reported that they would prefer to receive these communications once a month.
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