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41 Percent of Consumers Exclusively Use Mobile Apps for Banking, But Is It Safe?

There used to be a time when people had to go all the way to their bank branch in order to access their money, but mobile banking apps are starting to change all that. Around 62% of consumers now use mobile banking apps because of the fact that this is the sort of thing that could potentially end up making their finances easier to manage. In spite of the fact that this is the case, there are some security concerns that are raising the alarm in certain quarters.

With all of that having been said and now out of the way, it is important to note that 42% of consumers said that they do not use their mobile banking apps due to security concerns. 46% are concerned about having their accounts hacked, and 38% are worried about what would happen if they lose their phone or if it were to get stolen.

Still, 41% of consumers who responded to this survey claimed that they don’t even go to physical bank branches anymore since simply opening the banking app makes it easier for them to access their funds than might have been the case otherwise. There are a bunch of other benefits at play here as well, such as 24/7 access and the lack of wait times while transferring money.

47% of users said that they simply don’t feel the need to use any kind of mobile banking app. This indicates that there is still a lot of room for this industry to grow in. Banks have been opting for apps a lot more frequently, but unless security concerns are addressed the growth of their usage may end up being quite limited with all things having been considered and taken into account.

Out of all mobile banking app users, 74% said that security was a major concern. Such concerns need to be alleviated if banking is to be brought into the 21st century. Financial security needs to be optimized to assuage the worries of consumers and they will subsequently be able to make transactions with a high degree of ease.


H/T: Nerdwallet
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