Mobile banking in the U.S.- statistics & facts
Mobile banking has seen a remarkable surge in popularity over the last decade, transforming the way consumers interact with their financial institutions. The convenience and time-saving benefits of mobile banking—enabling users to conduct transactions from anywhere at any time using a smartphone or computer—have driven this shift. As a result, more banking customers are embracing mobile banking over traditional branch visits.
While the adoption of online banking has been notably high in East Asia and Europe, the penetration rate in the United States is also projected to grow steadily, accompanied by an increasing number of digital banking users. This upward trend also be seen in the growing number of mobile banking users of leading U.S. banks. At JPMorgan Chase, for instance, the number of active mobile customers tripled between 2013 and 2023.
Mobile banking in the U.S. is set for continued growth as consumers increasingly value its convenience and efficiency. Leading banks, like JPMorgan Chase, have seen a significant rise in active mobile customers over the past decade. Younger, higher-income, and more educated individuals are the primary adopters of mobile banking services. The competition between neobanks and traditional banks has driven advancements in mobile banking apps, ensuring that both types of institutions continue to enhance their digital offerings to meet customer demands.
While the adoption of online banking has been notably high in East Asia and Europe, the penetration rate in the United States is also projected to grow steadily, accompanied by an increasing number of digital banking users. This upward trend also be seen in the growing number of mobile banking users of leading U.S. banks. At JPMorgan Chase, for instance, the number of active mobile customers tripled between 2013 and 2023.
User demographics
There seems to be a clear correlation between the usage of mobile banking and age, income, and education level. Younger generations are more likely to use mobile banking services than older generations. In 2021, 74 percent of individuals aged 15 to 24 reported using mobile banking in the past 12 months, compared to 15 percent of those aged 65 or older. There was a similar – though less sharp - tendency based on income. Households with higher annual incomes were more likely to use mobile banking services than those with lower incomes. Lastly, the level of education also seems to play a part in the usage of mobile banking. As of 2021, the share of people with college degree using mobile banking as a primary method to access their bank accounts was twice as high as those with no college and high school diploma.Neobanks vs traditional banks
The rise of neobanks has disrupted the traditional banking industry and forced traditional banks to step up their game when it comes to mobile banking services. Neobanks have been able to offer customers a seamless and user-friendly mobile banking experience, making it easy for customers to manage their finances on the go. As a result, traditional banks have had to invest in their own mobile banking apps to remain competitive and retain customers. As of 2023, the largest traditional banks managed to maintain their leading positions, with the banking apps of Capital One, JPMorgan Chase, Bank of America having some of the highest number of banking app downloads. At the same time, usage of neobanks increased rapidly in recent years. In 2023, the leading mobile banking service provider in the U.S. was Chime, which had 5.8 million monthly active users.Mobile banking in the U.S. is set for continued growth as consumers increasingly value its convenience and efficiency. Leading banks, like JPMorgan Chase, have seen a significant rise in active mobile customers over the past decade. Younger, higher-income, and more educated individuals are the primary adopters of mobile banking services. The competition between neobanks and traditional banks has driven advancements in mobile banking apps, ensuring that both types of institutions continue to enhance their digital offerings to meet customer demands.
