A survey by Citi found that nearly half of Americans increased their mobile banking use over the past year, and for a third of Americans, the banking app is the most used app on their phone, reports Finextra. Using an app rather than going to a physical branch was preferred by 91 per cent of those surveyed, and 68 per cent of millennials saw their smartphone as replacing a physical wallet. There was good news for traditional banks, as 87 per cent of the 2000 Americans surveyed said they trusted traditional banks rather than non-bank financial institutions and fintechs.