Apptentive Study Discovers Baby Boomers Use Mobile Banking Apps As Much As Millennials

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Banking Apps Popular Among Consumers: 69% of Respondents Actively Use Their Primary Bank’s Mobile App

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“This data shows that all standing assumptions that mobile apps are of value for only the newer customers and younger generations is invalid,” said Robi Ganguly, CEO and co-founder at Apptentive.

Apptentive, the mobile customer communication solution for enterprise apps, is pleased to announce the release of its newest research report, Money Is Going Mobile: Banking Apps Not Just For Millennials.

U.S. banks hold $15.3 trillion in assets, with the wealthiest generation, the Baby Boomers, controlling 63% of U.S. financial assets. A tremendous amount of that wealth is being managed through mobile apps, and it’s critical for banks to understand how each generation uses mobile banking apps. The evolution of mobile banking apps has given consumers a portable, efficient, and convenient avenue to take charge of their finances. While it’s increasingly common for banks to offer mobile apps, many banks have yet to invest in the technology. The report provides a comprehensive look into who is using mobile banking apps, how often, and what it means for banks.

Key findings:
<> There is only a 4% difference between how many Millennials use mobile banking apps and how many Baby Boomers use mobile banking apps
<> 20% of Baby Boomers report mobile banking apps as VERY important in their decision when choosing a bank
<> Generation X is the most avid group of mobile bankers, with 67% using their primary bank’s mobile app
<> 1 out of 4 consumers use their primary bank’s mobile app daily

“This data shows that all standing assumptions that mobile apps are of value for only the newer customers and younger generations is invalid,” said Robi Ganguly, CEO and co-founder at Apptentive. “The lack of significant difference in use between generations proves that banks should invest in mobile app technology for the benefit of their entire customer base. Banks that ignore the mobile movement risk losing current customers, and curtail their competitive advantage.”

The full report is available for free download here.

About Apptentive
Apptentive is the leading enterprise SaaS platform for mobile customer communications. The company's in-app messages, surveys, and intelligent rating prompts empower brands to build meaningful relationships with their customers, wherever they may be. Integrated into mobile apps including Allrecipes, Concur, Intercontinental Hotels Group, Overstock, and Urbanspoon, Apptentive's software makes it easy for any company with a mobile app to grow retention, boost app store ratings, drive downloads, and earn customer loyalty. Apptentive powers millions of customer conversations every month. The company is based in Seattle, Washington.

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Marissa Smith
@apptentive
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