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Mobile banking in the U.S.- statistics & facts

Many banking customers have realized the advantages of mobile banking and have changed the way they bank. Commonly mentioned benefits are convenience and saving time, as banking activities can be done from anywhere and anytime with a smartphone or computer, instead of physically visiting a bank branch during opening hours. The adoption of online banking has been growing in recent years and is forecast to grow even more. The usage is particularly large in East Asia and Europe, while the figures for the United States are expected to grow steadily as well.

What is 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, which is one of the most common or preferred mobile banking activities in the United States, together with checking account balance. As with most digital developments, the usage is more widespread among the younger generations, but adoption has been increasing in across all age groups, particularly in the last two years due to the COVID-19 pandemic.

The importance of mobile banking

Providing good mobile banking services is important for banks to reach their customers. The four largest banks headquartered in the United States – JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup – all have several millions of active mobile banking customers. According to a recent survey, the two main reasons for switching financial institution among U.S. customers was the access to mobile and online banking. Several new digital-only challengers, banks, or financial services providers also entered the U.S. market during the last decade, increasing the competition for flexible and easy banking, especially among the younger generations.

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