Payix

This summer will mark the 10th anniversary of the debut of the app store which has grown to more than 2.2 million apps, which have come to occupy five hours of a consumer’s day. But, are lenders doing enough to capture that valuable screen time?

Billions of smartphone owners use mobile apps daily. A consumer’s average time spent on mobile apps per day has increased 69% year-over-year according to a March 2018 report from analytics firm Flurry. More importantly to lenders, mobile banking has gone mainstream, as 61% of people use mobile phones to carry out banking activity and 48% of them use a dedicated banking app, according to Mobile Ecosystem Forum’s recent Mobile Money Report.

But despite this popularity of consumer banking apps, there are a number of lenders not yet investing in the mobile infrastructure for online auto lending, even though it has proved fruitful elsewhere.