Core Viewpoint - The banking industry is experiencing a wave of app shutdowns, particularly in the credit card and direct banking sectors, as banks consolidate their services to enhance user experience and reduce operational costs [1][5][12]. Group 1: App Shutdown Trends - Multiple banks, including state-owned and leading city commercial banks, have announced the closure of various banking apps, leading to discussions among users about the necessity of so many banking applications [1][4]. - The shutdown trend is particularly evident in credit card apps, with China Bank recently announcing the migration of its "Colorful Life" app functions to its main app, marking a significant shift as previously, such closures were mainly among smaller banks [5][6]. - In 2023, at least 21 banks have ceased operations of their direct banking apps, with only about 10 remaining in the market, a significant drop from their peak [2][6]. Group 2: User Experience and Market Dynamics - Users have expressed frustration over the multitude of banking apps, which they find unnecessary for infrequent financial transactions, leading to a high number of inactive apps on their devices [1][11]. - The average daily usage time for mobile banking apps has decreased from 4.93 minutes to 2.70 minutes, indicating a decline in user engagement [11]. - The banking sector is shifting focus from acquiring new customers to retaining existing ones, as evidenced by the decline in credit card numbers over the past three years [15][16]. Group 3: Regulatory and Operational Considerations - Regulatory pressures are driving the consolidation of banking apps to enhance risk management and consumer protection, with over 25 banks reported for privacy issues in 2024 [13][14]. - The operational costs associated with maintaining multiple apps are becoming unsustainable, prompting banks to streamline their offerings to improve efficiency and reduce compliance burdens [15][16]. - The future of banking apps is expected to evolve towards a more integrated ecosystem, focusing on user-centric services rather than merely serving as transaction channels [18].