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Millennials Have More Banking Apps than Other Generations

February 12, 2018

Mobile banking has officially gone mainstream: 55% of U.S. adults have at least one full-service banking app on their phones now, according to a study conducted by BankRate.

Additionally, those consumers with bank apps are active users, with 70% stating that they use their app at least once a week, the survey of 1,156 adults found.

In addition to full-scale banking apps, a large quantity of users (41%) had a P2P app—such as Venmo, Square Cash, or PayPal—on their phones. While these figures represent data from Baby Boomer, Gen X, and millennial users, millennials tend to have more banking apps and services on their phones than the other two generations.

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