Mobile banking- Statistics & Facts

Mobile banking- Statistics & Facts

Statistics and facts about mobile banking

Mobile banking involves using a mobile device to carry out financial transactions. For instance, clients may pay bills or transfer money between accounts using their bank’s app on their smartphone or tablet. Usage of mobile banking has been steadily increasing since 2012 in the United States and the share of mobile phone owners who use mobile banking was forecast to increase.


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. However, one of the main concerns of those who don't use mobile banking services is the security issue. In a 2015 survey, 72.7 percent of respondents cited their concerns about the security of mobile banking as a reason for not using it.

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.




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Facts on Mobile banking
OverviewStatistic
Share of Americans using bank branch to access banking services84% Details →
Number of mobile banking users in the U.S.57m Details →
Number of mobile banking users of Bank of America worldwide21.6m Details →
U.S. user demographicsStatistic
Share of mobile banking users in the U.S. in the 30-44 age group58% Details →
Share of mobile banking users among Hispanics in the U.S.56% Details →
Share of smartphone banking users among Americans with income of 100,000 USD or more53.5% Details →
Share of mobile banking users in the U.S.43% Details →
UsageStatistic
Share of Americans accessing financial services online via laptop/PC59% Details →
Leading mobile banking activity in the U.S.Checking an account balance or recent transactions Details →
Main reason for starting to use mobile payments in the U.S.Convenience of mobile payments Details →
Main reason for not using mobile banking services in the U.S.Security of mobile banking Details →
Most popular mobile banking apps in the U.S. by installsChase Mobile Details →
Share of U.S. Baby Boomers using digital banking58.2% Details →
Consumer opinionsStatistic
Share of mobile device users willing to use facial recognition function in future mobile banking apps in North America33% Details →
Share of mobile device users willing to use check scanning and deposit technology functions in future mobile banking apps in Latin America36% Details →
Share of mobile device users willing to have the ability to perform bank transfers in future mobile banking app in Europe26% Details →
Share of mobile device users willing to have the ability to communicate with the bank via social media in future mobile banking apps in Asia Pacific40% Details →
Leading mobile payment security concernPhone getting hacked/someone intercepting data Details →


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