Mobile Banking Statistics


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Mobile Banking Statistics 2023: Facts about Mobile Banking outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Mobile Banking, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Mobile Banking Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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On this page, you’ll learn about the following:

Top Mobile Banking Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 97 Mobile Banking Statistics on this page 🙂

Mobile Banking “Latest” Statistics

  • In light of the expansion of digital and internet technologies in general, 91% of Americans answered that access to financial services is good, very good, or outstanding now.[1]
  • The exception was consumers 65 and older, whose mobile use grew 5.7 percentage points from 20.17 to double digit percentage point gains across all demographic categories.[1]
  • The top three goals guiding banks’ future technology initiatives were 81% bettering the client experience; 39% bettering online and mobile services.[1]
  • In 2019, 34% of American households said they accessed their bank accounts mostly on their mobile devices, up 18.4 percentage points from the 2017 study.[1]
  • According to an ABA/Morning consult poll, 83% of bank customers rated their online and mobile banking experiences as excellent or very satisfactory.[1]
  • When compared to 2017 and 2019, internet banking saw a decline from 36 to 22.8%, accounting for the majority of the gain in mobile banking.[1]
  • Of these institutions, 74% want to improve their online and mobile functionality even further.[1]
  • Some demographic groups were more likely to utilize online or branch channels, such as rural families or those over the age of 55.[1]
  • This is consistent with the findings of a recent poll by morning consult for the American bankers association, which found that use of mobile and internet banking rose by 3 percentage points each following the pandemic (to 39% and 32%, respectively).[1]
  • According to an RSA analysis, mobile applications accounted for 39% of fraudulent online transactions in 2018 compared to 5% in 2015.[2]
  • According to a PYMNTS poll of 7,023 people in 2020, just 19.3% of millennials—a crucial consumer demographic—used mobile wallets to pay for items, down from 22.3% in 2019.[2]
  • Europeans aged 55 to 64 use mobile banking features more often than their American counterparts, according to visa.[2]
  • Commercial banks in the US had $19.7 trillion in assets in Q3 of 2020, according to the Federal Financial Institutions Examination Council and the Federal Reserve Bank of St. Louis.[2]
  • British citizens are the most prevalent among Europeans. According to UK data on mobile banking use, 74% of the nation’s citizens use smartphones and mobile banking applications to manage their accounts.[2]
  • Between 2020 and 2027, experts forecast mobile payments will rise at a compound annual growth rate of 29%, reaching $8.94 trillion.[2]
  • Every day, fraudsters take over accounts, and these takeovers are responsible for 89% of the losses from digital fraud.[2]
  • Indeed, according to RSA’s data on mobile banking, phishing was the cause of 60% of cyberattacks in the fourth quarter of 2019.[2]
  • Just consider how many purchases were made on Black Friday in 2018—nearly 40% of them were done thus.[2]
  • Statistics on mobile banking fraud show that fingerprinting solutions might at least partially cut down on the 34% of assaults that originate from trustworthy accounts.[2]
  • According to US data on mobile banking, more than 60% of fraudulent activity on mobile devices are so.[2]
  • Statistics from online and mobile banking suggest that 16% of assaults include fraud that is caused by malware.[2]
  • Overall mobile banking figures from the USA suggest that same time period saw a startling 60% increase in the number of fraudulent transactions coming via mobile applications.[2]
  • According to data from Square’s mobile banking USA, 77% of users who have not utilized this payment method cite security as their main deterrent.[2]
  • The results indicated that over half of millennials had used a mobile device to make a contactless payment, whereas just 26% of older adults had used mobile banking.[2]
  • Triada, which is responsible for about 30% of banking malware assaults, is the most extensively used mobile bank malware.[2]
  • Mobile banking data for 2019 revealed a 50% rise in assaults compared to the first half of 2018, demonstrating the evolution of this sort of malware.[2]
  • In a recent study, 63% of US people claimed they were more likely than before the outbreak to test a new digital banking app.[3]
  • The most generous digital banks provide APY that are up to 2% higher than those offered by branch banks.[3]
  • The majority of consumers still choose in-branch advice in these circumstances, even though 37% of account holders utilize internet banking to get this information.[3]
  • Only 12% of customers over the age of 54 use mobile payment systems like Apple Pay or Venmo at least once a week, compared to 30% of people under the age of 54.[3]
  • According to research from Deloitte, in worldwide online banking, 59% of consumers use mobile banking applications as regularly as 73% of customers use online banking channels at least once a month.[3]
  • Based on data from online banking in the US, 95% of account holders are convinced that their banks would safeguard their personal information online.[3]
  • The growth of mobile and internet banking is anticipated to expand by 54%.[3]
  • Approximately 82% of account holders mention their bank’s digital platforms as an important reason they haven’t switched financial institutions.[3]
  • Denmark, Finland, and the Netherlands have the highest per capita digital banking usage, as 91% of their population used online banking in 2019.[3]
  • According to estimates, the banking sector will save $7.3 billion in yearly customer service expenses by using chatbots.[3]
  • Between 2009 and 2019, the proportion of EU nationals utilizing internet banking quadrupled.[3]
  • Between 2007 and 2018, European internet banking doubled.[4]
  • According to online banking statistics, the number of digital banking customers will continue to grow by 2025.[4]
  • Only 25% of banks customers utilized digital banking in 2017, but that figure increased to 51% in 2018.[4]
  • With an expected 150 million banking users in 2020, India is the nation with the highest number.[4]
  • If they don’t, 20% of their consumer base would become hostile, which would be detrimental to company.[4]
  • By 2024, there will be more than 3.6 billion users worldwide using internet banking and 25% of clients like visiting bank locations over using internet banking.[4]
  • American security 73% since financial account information is among the most sensitive personal data ever, it is essential for banks to avoid identity theft and financial crime.[5]
  • In the United States, an estimated 80% of mobile banking customers reported that using their phones to access their accounts was their favorite method as of 2021.[5]
  • In a survey, 47% of respondents said it was highly beneficial to be able to disable a credit or debit card using a mobile app.[5]
  • In a 2020 survey of over 2,000 US consumers by payment card platform Marqueta, 21% of respondents said an easy-to-use mobile app is the most important feature a bank can provide.[5]
  • 56% of those who bank online said they would never return to the era of bank offices and paper statements.[5]
  • Only 15% of people said that utilizing a financial institution would be best because of a good in.[5]
  • Use of mobile banking increased sharply (from 15.1 percent in 2017 to 34.0 percent in 2019 to 43.5 percent in 2021) and remained the most prevalent primary method of account access.[6]
  • The unbanked rate in 2021—4.5 percent—was the lowest since the survey began in 2009. Between 2019 and 2021, the unbanked rate fell 0.9 percentage points, corresponding to an increase of approximately 1.2 million banked households.[6]
  • In 2021, 7.0% of all households used nonbank money transfer services from companies like Western Union, MoneyGram, Walmart Money Center, or Ria Money Transfer.[6]
  • An estimated 4.5 percent of U.S. households (approximately 5.9 million) were “unbanked” in 2021, meaning that no one in the household had a checking or savings account at a bank or credit union.[6]
  • About one in three (34.9%) recently banked households reported that receiving a government benefit payment.[6]
  • About one in five (21.1%) recently unbanked households reported that losing or quitting a job, being furloughed, having reduced hours, or having a significant loss of income contributed to closing a bank account since March 2020.[6]
  • In 2021, 71.5% of households had a Visa, MasterCard, American Express, or Discover credit card (i.e., a credit card), similar to the proportion in 2019 (71.3%) and above the 2017 level (68.5%).[6]
  • However, the estimate of persons checking their account balances on a mobile phone would have been 9 percentage points lower if this question concerning chores had only been posed to those who reported using mobile banking generally.[7]
  • Contrarily, the majority of task-only users stated it was very risky or somewhat unsafe (54%) or indicated they were unsure (14%).[7]
  • In fact, among general mobile banking users in the 2015 mobile survey, 62% mentioned ATMs and 51% listed branches, as their top three methods of interacting with their bank.[7]
  • In comparison to the first, more general question concerning using a mobile phone to access a bank account, a greater percentage of respondents with bank accounts (61%).[7]
  • In the US, the percentage of individuals who possess a smartphone increased from 35% in 2010 to 77% in 2016.[7]
  • Mobile banking is almost universal among Gen Zers, Millennials, and 90% of Gen Xers as a proportion of smartphone owners.[8]
  • As of May 2021, mobile banking penetration has grown to 95% of Gen Zers, 91% of Millennials, 85% of Gen Xers, 60% of Baby Boomers, and 27% of Seniors.[8]
  • 43% of US customers reported having suffered financial identity theft, application fraud in their names, or account takeover in the previous two years, according to research by Aite group.[8]
  • Approximately eight out of ten users of mobile banking worry about various fraud related concerns, and the rates are stable across generations.[8]
  • Customers want to be sure that their financial information is safe, which is why 47% of respondents to the Mobile Banking Competitive Edge Study said that being able to temporarily disable a payment card was highly helpful.[9]
  • According to Insider Intelligences, mobile banking has already become a widely adopted trend. Competitivity in mobile banking study 89% of respondents to the poll claimed to use mobile banking.[9]
  • But younger generations are not the only ones who benefit from mobile banking; 79% of baby boomers and 91% of Gen Xers said the same.[9]
  • 69% of users believe businesses are more trustworthy if they are open about how they use their data.[10]
  • Users demand nice personnel above everything else, according to 55% of respondents in one poll.[10]
  • Statista estimates that this year’s total income from mobile app sales will be $437.80 billion.[10]
  • 90% of individuals use mobile banking apps to check their account balance, while 79% use them to monitor recent transactions, according to recent research.[10]
  • According to the report, 97% of millennials already use mobile banking apps, and 89% of all customers say they utilize these apps for a variety of financial management.[10]
  • According to the J.D Power Retail Banking satisfaction survey from the previous year, as a consequence, the net promoter score (NPS) in the retail banking sector improved by 60 points in 2021.[10]
  • One study indicated that 69% of consumers think that overall honesty and openness about the usage of data are essential to earning their confidence since they need to trust any form of financial institution before subscribing to their services.[10]
  • Because of this, J.D Power discovered that the banking and financial sectors saw an 86% retention rate during the year.[10]
  • Contrast this with the retention rates seen with businesses that didn’t use omnichannel methods, which the survey revealed to be only 33%.[10]
  • Along with these figures, the same poll found that roughly 82% of customers continue to think that their expectations for the user experience influence their choice of which companies to trust.[10]
  • In the process, all mobile banking applications for iOS, Android, and other platforms maintained 15% to 20% monthly engagements with an 80% to 94% monthly response rate across the three key subindustries.[10]
  • It’s also important to note that the retail banking industry implemented changes that resulted in a 48% decrease in customer complaints and concerns, according to the 2021 J.D. Power report.[10]
  • Particularly, 47% of those surveyed said that this was the most crucial component of a company.[10]
  • Although the anticipated revenue for mobile applications this year is not nearly as high as previous year, it is still anticipated that the industry would reach hundreds of billions of dollars by the end of 2022.[10]
  • Nearly 42% of users, according to the aforementioned survey, think that banking and financial applications should be transparent about their data rules and procedures.[10]
  • According to 53% of study respondents, 24/7 access to your services, which should be accessible 24 hours a day, seven days a week, is the second most significant feature that people search for.[10]
  • With a predicted annual growth rate of 6.58% for the total revenue, the market is anticipated to reach $565 billion by 2026.[10]
  • According to this specific study, businesses using omnichannel strategies have the potential to keep up to 89% of their customers.[10]
  • Although more households have debit cards (84% of households have a debit card), and debit card use per household has actually increased over time, fewer households (58% of households) are actually using them.[11]
  • From 2013 to 2015, the percentage of households utilizing prepaid debit cards increased from 7.9% to 9.8%.[11]
  • The average checking account balance was $9,284.92, substantially more than the median amount of $3,400, according to the Fed’s most recent statistics.[11]
  • As the value of credit card rewards increases, more families are using credit cards, with 50.9% doing so in 2013 compared to 64.3% in 2018.[11]
  • Since 2013, the percentage of unbanked and underbanked households nationwide has decreased by 0.7% and 0.1% , respectively.[11]
  • The federal funds rate grew from a range of 1.25%-1.50% in Jan 2018 to a range of 2.00%-2.25% by Dec 2018.[11]
  • There have been minor differences in ownership patterns based on race. 90% of Hispanics own mobile phones, while 88% and 83% of whites and blacks own phones, respectively.[11]
  • These cards were most common among unbanked households, where an estimated 27.1% of unbanked households had a prepaid debit card, compared to 15.4% and 6.9% in underbanked households and fully banked households, respectively.[11]
  • In China, over 80% of people made a digital merchant payment, compared to 20% of individuals in other emerging nations.[12]
  • In developing economies, about 40 percent of adults who paid utility bills (18 percent of adults ) did so directly from an account.[12]
  • In emerging countries, the gender gap in account ownership has decreased from its long standing level of 9 percentage points to 6 percentage points.[12]

Also Read

How Useful is Mobile Banking

Mobile banking offers incredible convenience and flexibility that traditional brick-and-mortar banks simply cannot match. It allows customers to check their balance, transfer funds, pay bills, and even deposit checks right from their mobile device, without ever having to step foot inside a bank branch. This is especially convenient for those with busy schedules or limited access to physical banking locations.

Another key benefit of mobile banking is the ability to easily track and monitor your finances in real-time. With instant notifications and alerts, customers can stay informed about their account activity and be alerted to any suspicious or unauthorized transactions. This level of transparency and control can provide peace of mind and help customers to better manage their money.

Furthermore, mobile banking has helped to bridge the gap for those who may have previously been excluded or underserved by traditional banking institutions. In many cases, individuals in rural or low-income areas have limited access to physical banks. Mobile banking allows these individuals to have access to essential financial services without having to rely on physical branch locations.

Additionally, mobile banking has also made significant strides in improving cybersecurity measures to protect customer information and financial transactions. Banks have implemented robust security protocols such as biometric authentication, encryption technology, and multi-factor authentication to ensure that customer data remains secure and protected from cyber threats.

Despite these advantages, some individuals may still have reservations or concerns about the security of mobile banking. Privacy breaches and the vulnerability of personal information to cyber attacks are valid concerns, but it is essential to note that security protocols and measures have evolved alongside the technology. With the implementation of robust security features, mobile banking is arguably just as safe as traditional banking methods.

In conclusion, the usefulness of mobile banking cannot be overstated. It provides unparalleled convenience, flexibility, and accessibility to financial services, revolutionizing the way that individuals manage their money. While there may be some skepticism surrounding its security features, the benefits far outweigh any potential drawbacks. As technology continues to evolve, mobile banking will only become more essential in meeting the demands of modern banking customers.

Reference

  1. aba – https://bankingjournal.aba.com/2020/10/aba-data-bank-mobile-banking-adoption-accelerates/
  2. dataprot – https://dataprot.net/statistics/mobile-banking-statistics/
  3. fortunly – https://fortunly.com/statistics/online-mobile-banking-statistics/
  4. moneytransfers – https://moneytransfers.com/news/content/online-banking-statistics
  5. plaid – https://plaid.com/resources/banking/what-consumers-want-from-mobile-banking/
  6. fdic – https://www.fdic.gov/analysis/household-survey/index.html
  7. federalreserve – https://www.federalreserve.gov/econres/notes/feds-notes/mobile-banking-a-closer-look-at-survey-measures-20180327.html
  8. forbes – https://www.forbes.com/sites/ronshevlin/2021/07/29/mobile-banking-adoption-has-skyrocketed-but-so-have-fraud-concerns-what-can-banks-do/
  9. insiderintelligence – https://www.insiderintelligence.com/insights/mobile-banking-market-trends/
  10. storyly – https://www.storyly.io/post/10-statistics-mobile-banking-finance-app
  11. valuepenguin – https://www.valuepenguin.com/banking/statistics-and-trends
  12. worldbank – https://www.worldbank.org/en/publication/globalfindex

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