Mobile Banking Statistics 2024 - Everything You Need to Know

Are you looking to add Mobile Banking to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Mobile Banking statistics of 2024.

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How much of an impact will Mobile Banking have on your day-to-day? or the day-to-day of your business? Should you invest in Mobile Banking? We will answer all your Mobile Banking related questions here.

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

Best Mobile Banking Statistics

Best Mobile Banking Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 162 Mobile Banking Statistics on this page 🙂

Mobile Banking Benefits Statistics

Mobile banking is not solely for younger generations, however, as 91% of Gen Xers and 79% of baby boomers also reported seeing the benefits of these services. ^[0]

Mobile Banking Usage Statistics

The findings showed that nearly half of millennials had made a contactless payment with a mobile device, while mobile banking statistics on usage show that only 26% of older people have done the same. ^[1]
And among Europeans, residents of the United Kingdom lead the way Mobile banking usage statistics in the UK show that 74% of the country’s residents use smartphone devices and mobile banking apps to manage their finances. ^[1]
Denmark, Finland, and the Netherlands have the highest per capita digital banking usage, as 91% of their population used online banking in 2019. ^[2]

Mobile Banking Market Statistics

Not just this, according to Statistas’ report, the mobile banking statistics show that the market is likely to generate $693 billion by the end of this year. ^[3]

Mobile Banking Latest Statistics

Experts predict that mobile payments will grow at a compound annual growth rate of 29.0% between 2020 and 2027, expecting to reach $8.94 trillion by 2027. ^[1]
Square’s mobile banking USA statistics show that 77% of surveyed consumers who have not used this method of payment list security as their primary reason. ^[1]
Just look at Black Friday in 2018, when nearly 40% of all purchases were made using mobile devices. ^[1]
A survey conducted by PYMNTS in 2020 on 7,023 individuals concluded that only 19.3% of millennials a key group of consumers used mobile wallets to pay for goods in 2020, compared to 22.3% who did so in 2019. ^[1]
According to Visa, Europeans aged 55 64 use mobile banking features more often than their US counterparts. ^[1]
It is expected to grow an additional 14% by 2021. ^[1]
A study by RSA showed that mobile apps were the source of 39% of fraudulent online transactions in 2018, up from 5% in 2015. ^[1]
Overall, mobile banking statistics from the USA show that the occurrence of fraudulent transactions originating from mobile apps grew an astonishing 600% during this period. ^[1]
Fraudsters are seizing control of accounts every day; these takeovers account for 89% of digital fraud losses. ^[1]
Online and mobile banking statistics show that fraud originating from malware accounts for 16% of attacks. ^[1]
Mobile banking fraud statistics indicate that fingerprinting solutions could reduce at least a portion of the 34% of attacks that come from trusted accounts. ^[1]
Indeed, RSA’s statistics on mobile banking show that phishing accounted for 60% of cyberattacks in Q4 of 2019. ^[1]
This type of malware has evolved; mobile banking statistics in 2019 showed a 50% increase in attacks compared with the first half of 2018. ^[1]
The most widely distributed mobile bank malware is Triada, which accounts for nearly 30% of banking malware attacks. ^[1]
Mobile banking statistics in the US say that so called “friendly fraud” accounts for over 60% of fraudulent activities on mobile devices. ^[1]
According to the Federal Financial Institutions Examination Council and the Federal Reserve Bank of St. Louis, the commercial banks in the US had $19.7 trillion in assets in Q3 of 2020. ^[1]
Mobile banking is already a pervasive trend; according to Insider Intelligence’s Mobile Banking Competitive Edge Study, 89% of survey respondents said they use mobile banking. ^[0]
Further, a massive 97% of millennials indicated that they use mobile banking. ^[0]
Consumers want to ensure that their banking information is secure, which explains why the ability to temporarily turn off a payment card was ranked as “extremely valuable” by 47% of Mobile Banking Competitive Edge Study respondents. ^[0]
Nearly 80% of Insider Intelligence Mobile Banking survey respondents say mobile is the primary way they access their bank account. ^[0]
By 2006, 80% of all US banks provided online banking services. ^[2]
The percentage of EU citizens using online banking doubled between 2009 and 2019. ^[2]
89% of American bank account holders use mobile banking for account management. ^[2]
94% of mobile banking customers use online banking platforms at least once a month. ^[2]
It is estimated that the deployment of chatbots will save the banking industry $7.3 billion in annual customer service costs by 2024. ^[2]
At the time, online banking customers accounted for 20% of its total client base. ^[2]
For 70% of them, mobile banking is the primary way of managing accounts. ^[2]
Approximately 82% of account holders. ^[2]
Approximately 30% of consumers under the age of 54 use mobile payment services like Venmo and Apple Pay at least once a week, while only 12% of those older than 54 do the same. ^[2]
According to a recent survey, 63% of US citizens said they were more inclined to try a new digital app for banking than they were before the pandemic. ^[2]
Also, 82% said they were concerned about paying a visit to their local banks. ^[2]
According to banking statistics, only 14% of users go for other options, such as in. ^[2]
Although 37% of account holders use online banking to find such information, most users still prefer in branch consultation in these situations. ^[2]
Mobile and online banking growth are expected to experience a 54% increase compared to 2020. ^[2]
Based on Deloitte’s global online banking data, 73% of customers use online banking channels at least once a month and 59% use mobile banking apps equally as frequently. ^[2]
Also, the most generous digital banks offer up to 2% more in APY than you’ll earn on accounts at branch banks. ^[2]
Based on online banking statistics, 95% of US account holders are confident their banks will protect their personal information on digital platforms. ^[2]
FDIC Survey estimates are percent of U.S. households with a bank account who accessed their account in the past 12 months. ^[4]
Of those with a bank account, a larger share said they had used their mobile phone to do this specific task than said yes to the first, more general question about using a mobile phone to access a bank account. ^[4]
But had this question about tasks only been asked to those who reported general use of mobile banking, the estimate of people checking their account balances with a mobile phone would have been 9 percentage points lower. ^[4]
As shown in Table 1, relative to general mobile banking users, task only users are somewhat less likely to have a smartphone and they are much less likely to have their bank’s mobile banking app. ^[4]
When asked about the safety of personal information when using mobile banking, the majority of those who reported general mobile banking use said that personal information was very safe or somewhat safe when using mobile banking. ^[4]
In contrast, the majority of task only users reported it was very unsafe or somewhat unsafe or said they did not know. ^[4]
In the 2015 Mobile Survey, general mobile banking users were much more likely to say that the mobile channel is one of the three most important ways they interact with their bank than task. ^[4]
Indeed, among general mobile banking users in the 2015 Mobile Survey, 51 percent listed branch and 62 percent listed ATM among the three most important ways they interact with their bank. ^[4]
The Pew Research Center estimates that around 80 percent of U.S. adults had a mobile phone in 2008, rising to over 90 percent in 2016. ^[4]
The share of U.S. adults who own a smartphone rose from 35 percent in 2011 to 77 percent in 2016. ^[4]
According to the Fed’s latest available data, the average checking account balance was $9,284.92, a much higher figure than the median balance of $3,400. ^[5]
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. ^[5]
As of right now, the rate sits at a target range of 2.25%. ^[5]
High Savings 0.01% 0.15% 2.40% Money Market 0.01% 0.34% 3.50%. ^[5]
Interest Checking 0.01% 0.11% 1.36% Account Type. ^[5]
There have been slight variations between race and ownership trends 90% of Hispanics own mobile phones, while 88% and 83% of whites and blacks own phones, respectively. ^[5]
[5] 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). ^[5]
As credit card rewards improve in value, the number of households using credit cards is also climbing (50.9% of households in 2013 vs. 64.3% in 2018). ^[5]
[5] Households using prepaid debit cards have grown from 7.9% to 9.8% from 2013 to 2015. ^[5]
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. ^[5]
Unbanked households constitute 7% of all American households. ^[5]
Underbanked households make up 19.9% of U.S. households. ^[5]
Nationwide, the portion of unbanked and underbanked households has declined by 0.7% and 0.1% respectively since 2013. ^[5]
2013 2015 % Change State % Unbanked % Underbanked %. ^[5]
Underbanked Alabama 9.2% 26.4% 12.5% 23.9%. ^[5]
+3.3% 2.5% Alaska 1.9% 19.3% 3.5% 26.1% +1.6%. ^[5]
+6.8% Arizona 12.8% 17.6% 8.5% 18.5% 4.3% +0.9% Arkansas 12.3% 25.7% 9.7% 22.6% 2.6% 3.1% California 8.0% 17.0% 6.2% 19.1% 1.8% +2.1% Colorado 6.4% 17.3% 4.4% 19.1% 2.0% +1.8% Connecticut 5.6% 14.4% 6.2% 14.8% +0.6%. ^[5]
+0.4% Delaware 6.1% 18.5% 4.8% 15.4% 1.3% 3.1% District of Columbia 11.8% 24.8% 10.8% 25.4%. ^[5]
+0.6% Florida 6.2% 19.1% 5.9% 17.7% 0.3% 1.4% Georgia 10.9% 26.9% 11.9% 14.6% +1.0%. ^[5]
Reason Cited % of Respondents Not enough money to keep in account 57.4%. ^[5]
Avoiding bank gives more privacy 28.5% Don’t trust banks 28.0%. ^[5]
J.P. Morgan Chase $1,297,178M 5,284. ^[5]
Bank of America $1,328,664M 4,603. ^[5]
PNC $264,704M 2,561. ^[5]
Regions Bank $96,990M 1,492. ^[5]
TD Bank $832,824M 1,278. ^[5]
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. ^[6]
As a percentage of those who have a smartphone, mobile banking is nearly ubiquitous among Gen Zers and Millennials and is at 90% of Gen Xers. ^[6]
Roughly eight in 10 mobile banking users are concerned about a variety of fraud related risks—and the percentages are consistent across the generations. ^[6]
Research from Aite Group shows that 43% of US consumers experienced some form of financial identity theft–application fraud in their name or account takeover–in the past two years. ^[6]
43% of the holdings were invested in the United States and 15% in the United Kingdom. ^[7]
Between 2014 and 2017, the share of adults who have an account with a financial institution or through a mobile money service rose globally from 62 percent to 69 percent. ^[8]
In developing economies, the share rose from 54 percent to 63 percent. ^[8]
Yet, women in developing economies remain 9 percentage points less likely than men to have a bank account. ^[8]
Globally, 69 percent of adults have an account, up from 62 percent in 2014 and 51 percent in 2011. ^[8]
In 2021, mobile ecommerce sales were expected to account for 6% of all US retail sales. ^[9]
But by 2025, Statista forecasts that m commerce sales will make up over 10% of all US retail sales, which would be a growth of 7 percent points since 2018. ^[9]
According to Retail TouchPoints, the average desktop device has a conversion rate of 3.9%, which is more than double the 1.8% average rate for smartphones. ^[9]
However, the reason for this is likely the difference in screen size rather than mobility, considering tablets held a conversion rate of 3.8%, while other devices with smaller screens had a rate of only 0.1%. ^[9]
Statista found that, in 2019, smartphones accounted for 64% of global retail website visits but only generated 46% of ecommerce revenue, which was the same as desktop devices. ^[9]
As of 2020, eMarketer estimates that US adults will spend, on average, more than 4 hours on mobile internet, and 88% of that time will be within apps rather than mobile browsers. ^[9]
Not to mention about 70% of sales are made via mobile branded apps. ^[9]
As of 2021, smartphone ownership in the US is least common among adults 65 years and older (only 61%). ^[9]
Considering 91% of social media users engage with social channels through their mobile devices and 80% of total time spent on social media occurs through mobile platforms, it’s no surprise that social commerce is on the rise. ^[9]
According to Insider Intelligence, in 2019, global consumer retail spend via chatbots was valued at $2.8 billion, but by 2024, that number is expected to reach $142 billion. ^[9]
Factually, the frequency of using mobile banking applications to view the account balance is 90 percent, followed by viewing recent transactions at the rate of 79 percent. ^[3]
As per the report, around 89 percent of consumers claim that they use mobile banking for different financial purposes. ^[3]
Surprisingly, the online banking statistics show that 97 percent of millennials are using mobile banking. ^[3]
The more the user engagement, the higher the chance for revenue growth, so as a result, your app is likely to observe 15 percent revenue growth. ^[3]
Hence, a study from Invespcro revealed that the firms that relied on the omnichannel strategies could retain 89% of their customers. ^[3]
In contrast, companies that did not use omnichannel solid strategies could only retain 33% of consumers. ^[3]
According to the 2021 J.D. Power Retail Banking Satisfaction Survey, the NPS score increased by sixty points within a year. ^[3]
Not just this, the improved sector in the retail banking sector also led to a decrease of 48% in client issues and complaints. ^[3]
As a result, the retention rate in the finance and banking industry was observed to be 86% in a given period. ^[3]
According to a report, 69% of customers believe that honesty and transparency in the use of data are significant for building trust among them. ^[3]
Not just this, when asked from the consumers, around 42 percent of the users said that the finance and banking apps need to offer information regarding their data practices and policies clearly. ^[3]
On top, the user looks for your staff to be friendly (55%). ^[3]
Next, the user looks for a fulltime service twenty four hours a day and seven days a week (53%). ^[3]
The third top driver is fast service (47%). ^[3]
However, around 82% of consumers still believe that their expectations of the level and quality of user experience the bank or financial institution offer them also helps them decide whether they will be a loyal customer. ^[3]
All such apps from android, iOS, and blended remained somewhere between 15% to 20% in terms of monthly interactions. ^[3]
On the other hand, the monthly response rate was observed to be between 80% to 94% in all the three sub. ^[3]
The projected percent change in employment from 2020 to 2030. ^[10]
The average growth rate for all occupations is 8 percent. ^[10]
The percent change of employment for each occupation from 2020 to 2030. ^[10]
According to Kaspersky Security Network, Kaspersky Lab solutions blocked 843,096,461 attacks launched from online resources in 203 countries across the globe. ^[11]
Among all the threats detected in Q1 2019, the lion’s share went to potentially unsolicited RiskTool apps with 29.80%, a fall of 19 p.p. against the previous quarter. ^[11]
AndroidOS.Dnotua (28% of all detected threats of this class). ^[11]
In second place were threats in the Trojan Dropper class (24.93%). ^[11]
AndroidOS.Wapnor families (93% of all detected threats of this class). ^[11]
AndroidOS.Agent (44.44% of all threats of this class). ^[11]
AndroidOS.Dnotua (4.73%). ^[11]
If in Q4 2018 the share of mobile banking Trojans was 1.85%, in Q1 2019 the figure stood at 3.24% of all detected threats. ^[11]
AndroidOS.Svpeng (20% of all detected mobile bankers). ^[11]
Generic verdict (54.26%). ^[11]
In second place came Trojan.AndroidOS.Boogr.gsh (12.72%). ^[11]
Third place went to the Trojan. ^[11]
AndroidOS.GenericML verdict (4.35%). ^[11]
Sixth and seventeenth places were taken by members of the Hqwar dropper family TrojanDropper.AndroidOS.Hqwar.bb (3.36%). ^[11]
* %** 1 Pakistan 37.54 2. ^[11]
Pakistan (37.54%). ^[11]
Second place was taken by Iran (31.55%). ^[11]
Third place went to Bangladesh (28.38%). ^[11]
AndroidOS.Svpeng (20% of all detected banking Trojans). ^[11]
AndroidOS.Asacub (18%). ^[11]
* %** 1 Australia 0.81 2. ^[11]
In Q1 2019, Australia (0.81%). ^[11]
Second place was taken by Turkey (0.73%). ^[11]
Russia is in third place (0.64%). ^[11]
The Top 3 countries by number of users attacked by mobile ransomware, as in the previous quarter, were the US (1.54%), Kazakhstan (0.36%), and Iran (0.28%). ^[11]
OSX.Shlayer.a (24.62%). ^[11]
AdWare.OSX.Mcp.a (5.71%). ^[11]
OSX.Cimpli.d (5.72%). ^[11]
OSX.Bnodlero.q (3.33%). ^[11]
* %** 1 France 11.54 2. ^[11]
In Q1 2019, France (11.54%). ^[11]
Users from Spain (9.75%), India (8.83%), and Italy (8.20%). ^[11]
Fifth place in the ranking went to the US (8.03%). ^[11]
SSH 17% Telnet 83% Table of the popularity distribution of attacked services by number of unique IP addresses of devices that carried out attacks, Q1 2019. ^[11]
SSH 64% Telnet 36% Table of distribution of cybercriminal working sessions with Kaspersky Lab’s traps, Q1 2019. ^[11]
In Q1 2019, Egypt (13.46%). ^[11]
Second place by a small margin goes to China (13.19%), with Brazil (11.09%). ^[11]
Top 10 malware downloaded to infected IoT devices following a successful telnet attack Verdict %* 1 Backdoor. ^[11]
(9.4%) made up the Top 3. ^[11]
The percentage of exploits for Microsoft Office did not change much compared to the previous quarter, amounting to 69%. ^[11]
In Q1, the share of detected vulnerabilities in browsers amounted to 14%, almost five times less than for Microsoft Office. ^[11]
* % of attacked users** 1. ^[11]
On average, 13.18% of Internet user computers worldwide experienced at least one Malware. ^[11]
* % of attacked users** 1 Uzbekistan. ^[11]
On average, 23.62% of user computers globally faced at least one Malware class local threat in Q1. ^[11]

I know you want to use Mobile Banking Software, thus we made this list of best Mobile Banking Software. We also wrote about how to learn Mobile Banking Software and how to install Mobile Banking Software. Recently we wrote how to uninstall Mobile Banking Software for newbie users. Don’t forgot to check latest Mobile Banking statistics of 2024.

Reference

insiderintelligence – https://www.insiderintelligence.com/insights/mobile-banking-market-trends/.
dataprot – https://dataprot.net/statistics/mobile-banking-statistics/.
fortunly – https://fortunly.com/statistics/online-mobile-banking-statistics/.
storyly – https://storyly.io/10-statistics-on-banking-finance-apps-user-engagement/.
federalreserve – https://www.federalreserve.gov/econres/notes/feds-notes/mobile-banking-a-closer-look-at-survey-measures-20180327.htm.
valuepenguin – https://www.valuepenguin.com/banking/statistics-and-trends.
forbes – https://www.forbes.com/sites/ronshevlin/2021/07/29/mobile-banking-adoption-has-skyrocketed-but-so-have-fraud-concerns-what-can-banks-do/.
europa – https://www.ecb.europa.eu/stats/html/index.en.html.
worldbank – https://globalfindex.worldbank.org/.
bigcommerce – https://www.bigcommerce.com/articles/ecommerce/mobile-commerce/.
bls – https://www.bls.gov/ooh/office-and-administrative-support/tellers.htm.
securelist – https://securelist.com/it-threat-evolution-q1-2019-statistics/90916/.

How Useful is Mobile Banking

One of the most significant benefits of mobile banking is its accessibility. With just a few taps on your phone, you can check your account balance, transfer funds, pay bills, and even apply for loans. Gone are the days of waiting in line at the bank or sitting down with a financial advisor to complete these tasks. Now, you can do it all from the comfort of your own home or on the go. This convenience is especially helpful for those with busy schedules or limited access to physical banks.

Mobile banking also offers a higher level of security compared to traditional banking methods. Most banking apps are encrypted and protected with security measures such as fingerprint or facial recognition, making it difficult for hackers to access your financial information. Moreover, in the event of a lost or stolen card, you can simply lock your account with a few clicks on your phone, preventing unauthorized transactions.

Furthermore, mobile banking promotes financial literacy by providing users with real-time updates on their spending habits. With the ability to track expenses and set up alerts for low balances or large transactions, individuals can better manage their money and make informed decisions about their financial future. This level of transparency is crucial in today’s society, where overspending and debt are common pitfalls.

Another key advantage of mobile banking is the ability to conduct transactions at any time, from anywhere. Whether you’re traveling abroad, on vacation, or simply laying in bed, you can quickly and securely send money to family and friends, pay bills, or invest in stocks. This flexibility is especially beneficial for individuals who may not have access to traditional banking services in remote areas or developing countries.

While mobile banking offers many advantages, it is not without its drawbacks. One of the main concerns is the potential for security breaches and identity theft. As technology advances, so do the tactics of cybercriminals, making it important for users to stay vigilant and protect their personal information. Additionally, relying solely on mobile banking may limit face-to-face interaction with banking professionals, which could be a disadvantage for individuals who prefer that human touch.

In conclusion, mobile banking has undoubtedly transformed the way we manage our finances, offering convenience, security, and flexibility like never before. While it may not completely replace traditional banking methods, it provides a valuable tool for individuals looking to take control of their financial well-being. The key is to use mobile banking responsibly, staying informed and proactive in protecting your personal information. So next time you reach for your phone to check your bank balance, remember the power and utility that mobile banking brings to your fingertips.

In Conclusion

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Mobile Banking Statistics 2024 – Everything You Need to Know