In the United States, the usage of mobile banking differs among demographic groups. A 2015 survey examined this topic and found that 62.1 percent of those who earned less than 25,000 U.S. dollars used mobile banking. In contrast, only 45.6 percent of those who earned between 40,000 and 74,999 U.S. dollars used it.
Mobile banking offers flexibility and convenience to bank consumers, who wish to carry out financial transactions outside of traditional bank branch hours and from any location. In a 2015 survey, 45 percent of the respondents started using mobile payments because it's convenient.
However, one of the main concerns of those who don't use mobile banking services is the security issue. The future of mobile banking will depend on the industry's ability to assuage these concerns. One such way to address the security issue may be the introduction of facial or voice recognition technology in mobile banking apps. These ideas appear to be popular in Latin America and Asia-Pacific, but not in North America and Europe.