Citibank: Mobile Banking Encourages Financial Awareness

Admittedly, most of us probably don’t keep as close of track on our finances as we should. I personally have a tendency to treat my checkbook like a money order generator, depositing only what I need at the time. A new study from Citibank—said to be the first of its kind on mobile banking—finds that those who aren’t keeping track the way they should may benefit from mobile banking tools.

Consumers surveyed in the study found themselves more aware of their finances thanks to mobile banking, in large part due to increased overall engagement. Consumers are using mobile banking systems in a growing and sometimes downright unlikely set of locales. While 88 percent of users are mobile banking from home, which isn’t a shock at all, 44 percent are checking their bank details and such while at work, earning the money to go into the bank. As for millennials, they’re sufficiently deep into mobile banking that 31 percent of them mobile bank while socializing.

Frequency of mobile banking adds to awareness figures as well; Those who mobile bank at least once a week are more aware than those who do so less than once a week, with 71 percent of the more frequent bankers considering themselves aware, and 49 percent of the less frequent bankers saying likewise. Mobile bankers are also confident they know the exact balance of their accounts, with 65 percent of the more frequent bankers assenting as opposed to 53 percent of the less frequent.

While knowing the exact balance of your account is generally a good thing, it’s also not necessarily the kind of thing that’s useful for a lot of people. Still, following those details, even infrequently, is a great way to provide a level of security for your account, especially if you’re a regular mobile payments user. No security is foolproof, so keeping track of your accounts is likely to catch fraud in its earliest stages, when it’s most likely to be caught and addressed.

It’s worthwhile to keep closer watch on your accounts, for security’s sake if nothing else. If mobile banking is helping more people pull that feat off, then that’s good news all around.