- 60% of smartphone owners prefer using finance apps over desktop sites to manage their finances.
- Younger generations (millennials and Gen Z) prefer finance apps.
- Finance apps are popular due to convenience, ease of use, and accessibility.
In today’s world, technology dominates almost every aspect of our lives. It’s no surprise that managing our finances has also gone digital. With the pandemic forcing people to stay at home, there has been an even bigger shift towards online financial services. According to BanklessTimes.com, 60% of smartphone users today are now favoring finance apps over traditional desktop sites when managing their finances.
The CEO of BanklessTimes, voiced his position:
The CEO of BanklessTimesMobile finance apps have become the preferred way for people to manage their finances. Convenience, ease of use, and accessibility are driving the shift in consumer behavior. The trend will likely continue as more people rely on their smartphones to manage their finances. To remain competitive, banks must keep up with this trend and provide their clients with the best finance apps.
Ease of Use and Convenience Drive Adoption of Smartphone Finance Apps
6.92 B of the global population owns a smartphone, translating to 86.29% of the global population. Younger generations, such as millennials and Generation Z, drive Fintech adoptions. In Europe, 53% of Millennials and 29% of Gen Z are exclusively on finance Apps.
Although desktops make up 38.53% of the worldwide market for desktop, mobile, and tablet devices, they are at an evident disadvantage in comparison to their counterparts.
The primary reason for the shift towards finance apps is their ease of use and convenience. Most finance apps are user-friendly and allow users to access their accounts, view balances, pay bills, and transfer funds. Also, users can receive notifications and alerts of account activity, making it easier to track their finances.
Security Concerns and Growth of Finance Apps
Despite the benefits of finance apps, there are some security concerns. Smartphone finance apps have cryptographic issues, with 88% of the finance Apps failing a cryptographic test.
Finance apps often require users to link their bank accounts or credit cards. This can make users uneasy about sharing their personal and financial information. However, most finance apps use secure encryption and two-factor authentication to protect user data.
The popularity of finance apps will continue to grow in the coming years, with more users opting for convenience and ease of use. As more banks offer mobile apps to their customers, the trend towards mobile finance apps will likely continue. It will be necessary for banks to invest in security technologies and ensure that they are up to date with the latest trends to remain competitive.
