With time spent on smartphones continuing to increase, many of the online activities tracked by GWI have become mobile-first – with digital consumers more likely to undertake them on a mobile than on any other device. Banking is one such activity, with over 50% globally now turning to their smartphones to use internet banking services.
Millennials in the Asia Pacific region, and in China particularly, have long been comfortable using their phones for money-related activities – a banking trend which was catalyzed by the emphasis that many social channels placed on seamless, in-app money transfers. Yet when it comes to official banking apps, it’s Millennials in North America who are at the forefront; almost 4 in 10 in this region say they are regular users of banking apps, compared to 3 in 10 in most other regions, and a low of just 1 in 4 in the Middle East & Africa.
At a country level, 7 of the top 10 places are occupied by mature markets, with South Korea, South Africa and the two Australasian markets posting the highest figures of all. It’s in these places where Millennials could therefore see the greatest appeal in alternative mobile banking solutions, providing an opportunity for those challenger banks or social integrations which can overcome regulatory issues to find an audience.