Most members want their mobile banking applications to be free, but new research from S&P Global Market Intelligence finds some demographics are actually more willing than others to pay a monthly fee.
According to the study of 3,897 mobile bank app users, age is the biggest influencer on whether a person is willing to pay for mobile banking apps. The study found that 44% of older millennials age 26 to 35 are willing to pay $1 a month to keep using their apps and 27% are willing to pay $3 a month. Among younger millennials (age 18-25), 45% are willing to pay $1 per month and 20% are willing to pay $3.
Just 38% of Gen Xers and 35% of baby boomers are willing to pay $1 per month for their mobile banking apps, according to S&P Global. About one in five members of each of those age groups is willing to pay $3.
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