The smartphone is becoming the foundation of the future of mobile banking, especially among younger customers who will wield financial influence in the coming decades. Consider the following data from the BI Intelligence survey of millennials:
- 71% of millennials say it’s very important to have a banking app, and 60% say it’s very important to have an app to make payments.
- 51% say that they have made a purchase through a mobile website or through an app in the last month.
- 27% say they have used their phone to make a payment at a checkout in a store in the last month.