|I currently use a couple of Mobile banking apps.
Benefit - convenience e.g. being able to transfer money immediately
Risks - I'm concerned about using them except via mobile data for security reasons. In theory if I lose my phone no-one can access my bank details ... in theory!
I also use an app called Duolingo as I'm re-learning French (39 years after last studying it!).
Benefits - convenience and I get daily reminders to do my practice. I can do the practice anywhere, anytime.
Risks - not really a "risk" in the real sense but it can be buggy and the pronunciation isn't always accurate.
Benefit - easy to share photos and convenient to communicate (without talking)
Risk - it's been hacked in the past.
Benefit - keeps me up to date with the soccer scores
Risks - Depression when my team(s) keep losing
Benefit - can adjust my heating when not at home (saves money, gets house warm before I return)
Risks - none that I can think of.
There's a few others - benefits are generally convenience. I don't use unsecured apps if I need to provide any personal info.
Risk is generally that I'm never off my phone so RSI and neck aches are likely to result