Infographic: Two-Thirds of Consumers Have Never Used an App to Send Money

Digital wallets are slow to be embraced

How apps are changing the way the world banks—and how they aren't. Getty Images
Headshot of Sammy Nickalls

While smartphones have revolutionized the way we do most everything, from buying groceries to doing laundry, fewer people use apps to handle their finances than one might think, according to new research from customer experience management provider Clarabridge.

While 64 percent of consumers have downloaded their bank’s mobile app, only about a third (37 percent) have sent money using an app like PayPal or Venmo in the past six months—and just 29 percent say they use a digital wallet like Apple Pay or TransferWise.

“Consumers today are rapidly embracing digital channels when interacting with brands,” said Mark Bishof, CEO of Clarabridge. “While a number of banks have invested heavily in digital transformation projects, our findings suggest that fragmented experiences and analysis across the many communication channels have stunted consumer engagement. We believe there is a tremendous opportunity for industry growth by creating effective and effortless digital customer experiences across banks’ systems and business processes.”

This story first appeared in the Feb. 25, 2019, issue of Adweek magazine. Click here to subscribe.

@sammynickalls Sammy Nickalls is a freelance writer and the former departments editor at Adweek.