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Mobile Banking Apps Ratchet Up Pressure on Bricks-and-Mortar Institutions

Banking
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banking industry struggle

These days, you can do just about anything on your phone, including your banking. As online-only financial services providers such as Simple, Ally Bank and GoBank expand their products, more people are managing their money on the go or from the comfort of their homes.

More than half of American smartphone owners—51%—have used mobile banking services in the past year, up from 48% in the previous year, according to the Federal Reserve. In a survey this year by consulting firm Accenture, about a quarter of consumers who bank in the U.S. or Canada said they would consider signing up with a branchless online bank, while 94% of those 18 to 29 years old regularly do their banking online, and 72% have gone mobile.