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A majority of users access their mobile banking app to check balances and statements, April 2016 research revealed. Paying bills is another popular activity that they conduct.
Bank of America and Braun Research found that more than eight in 10 mobile banking users said they use their banking app to check balances or statements. And more than half use it to transfer money between accounts.
Making payments was another activity that many conducted via their mobile banking app. For example, more than half of respondents said they use their mobile banking app to pay a bill, and nearly half said they use it to make a payment on a credit card, mortgage or auto loan.
Furthermore, 26% of mobile banking app users said they use their app to send money to others.
Overall, the number of adult mobile device banking users in the US is increasing year over year. eMarketer estimates that in 2016 there will be 113.5 million adult mobile banking users. eMarketer defines mobile device banking users as those who access their bank, credit union, credit card or brokerage account through the internet via any device at least once per month, and this excludes virtual wallet services like PayPal or Google Wallet.
By the end of the forecasting period, in 2019, there will be 131.4 million adult mobile device banking users.
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