The Ultimate List of Mobile Banking Statistics, Trends And Facts 2023

Mobile Banking Statistics

Statistic	Value
Mobile active users (Bank of America)	30 million
Online banking customers (Bank of America)	Over 40 million
Unique mobile users worldwide (GSMA Intelligence)	5.22 billion
Mobile app usage frequency (Average per day)	63 times
Mobile payments value (2020)	$503 billion
Compound annual growth rate (2020-2027)	29.0%
Projected mobile payments value (2027)	$8.94 trillion
Smartphone owners who have used device for online purchase (Past 6 months)	79%

1. There are over 7.33 billion mobile phone users worldwide as of 2021. (Source: Statista)
2. In 2021, there were over 220 million mobile banking users in the US alone. (Source: Statista)
3. The global mobile banking market is expected to reach $11.8 billion by 2026, growing at a compound annual growth rate (CAGR) of 9.2%. (Source: ResearchAndMarkets)
4. In 2020, the average mobile banking transaction was $1,600. (Source: BusinessofApps)
5. As of 2021, 35% of customers use mobile banking as their primary banking method. (Source: BusinessofApps)
6. In 2020, mobile banking apps were downloaded over 90 million times in the US. (Source: BusinessofApps)
7. In 2021, the average time spent on mobile banking apps was 29 minutes per user per session. (Source: BusinessofApps)
8. As of 2021, 33% of mobile banking users use biometrics for authentication. (Source: BusinessofApps)
9. In 2020, mobile banking users in the US sent over $1 trillion through P2P (peer-to-peer) transactions. (Source: BusinessofApps)

Mobile Banking Market Statistics

Statistic	Value
Revenue generated from mobile app market (2021)	$693 billion
Number of mobile app downloads (2020)	244.2 billion
Installations per second	7,727

1. In 2021, the top mobile banking apps in the US include Chase Mobile, Bank of America, and Wells Fargo Mobile. (Source: BusinessofApps)
2. In 2020, the top mobile banking features used by US users include account balances, transaction history, and bill pay. (Source: BusinessofApps)
3. In 2021, the top reasons for using mobile banking in the US include convenience, ease of use, and improved security. (Source: BusinessofApps)
4. In 2020, the top challenges faced by US mobile banking users include technical issues and poor user experience. (Source: BusinessofApps)
5. In 2021, the top opportunities for mobile banking include further integration with financial technologies, improved user experience, and increased security measures. (Source: BusinessofApps)

Bank of America Mobile Banking Statistics

Statistic	Value
Users of AI-driven chatbot (Erica)	Over a million in 2 months
Consumers who have made contactless payment (18-34 years old)	Nearly half
Consumers who have made contactless payment (Older than 34 years old)	26%
Consumers who have not used mobile banking (Reason: Security)	77%

Mobile Banking Fraud Statistics

Threat	Statistics	Source
Fraud in Mobile Banking	The security of data and money depends on the level of defense employed by the bank	Pew Research Center
Mobile eCommerce	Comprises more than 50% of all retail sales online, expected to grow 14% by 2021	Secured Touch
Mobile App Fraud	Increased 600% from 2015 to 2018 (39% of fraudulent online transactions in 2018)	RSA
Fraud from Mobile Browser	Three out of every five fraud transactions in Q4 of 2019 originated from a mobile browser	RSA
Account Takeovers	89% of digital fraud losses are from account takeovers	Secured Touch
Fraud from Trojan horses or Financial Malware	16% of all digital fraud originates from Trojan horses or financial malware accounts	Arizent
Fraud from Confirmed Account on User’s Own Device	34% of fraud takes place on a confirmed account on the user’s own device	Secured Touch
Phishing	60% of all cyberattacks in Q4 of 2019 were due to phishing	RSA

Mobile Banking Latest Statistics

Trend	Prediction
Compound annual growth rate of mobile payments	29.0% (2020-2027)
Mobile payments market size	$8.94 trillion (2027)
Reason for not using mobile payments (USA)	Security (77%)
Percentage of purchases made using mobile devices (Black Friday 2018)	40%
Percentage of millennials using mobile wallets	19.3%
Mobile banking usage frequency (Europe vs. USA)	Europeans aged 55-64 use more frequently
Expected growth in mobile banking usage	14% (by 2021)

Mobile Banking Facts

10. Mobile banking is a method of accessing financial services using a mobile device, such as a smartphone or tablet.
11. Mobile banking can include a variety of services, such as checking account balances, transferring funds, paying bills, and depositing checks.
12. Mobile banking apps are typically available for free and can be downloaded from the app store.
13. Mobile banking is often more convenient and faster than traditional banking methods, such as visiting a branch or using an ATM.
14. Mobile banking is becoming increasingly popular as more people rely on their mobile devices for everyday tasks.
15. Mobile banking can also help people manage their finances more efficiently and make informed decisions.

Mobile Banking Fraud Stats and facts

Type of Fraud	Percentage of Total
Fraud originating from mobile apps	39% (2018)
Growth of fraudulent transactions originating from mobile apps	600% (2015-2018)
Source of digital fraud losses	Account takeovers (89%)
Source of online banking fraud	Malware (16%)
Percentage of attacks reduced by fingerprinting solutions	34%
Type of cyberattacks	Phishing (60% in Q4 2019)
Increase in attacks (compared to H1 2018)	50% (2019)
Most widely distributed banking malware	Triada (30%)
Type of fraudulent activities on mobile devices	Friendly fraud (over 60%)
Total assets of commercial banks in USA	$19.7 trillion (Q3 2020)

Mobile Banking Adoption Statistics

Demographic	Percentage who use mobile banking
Survey respondents	89%
Millennials	97%
Respondents who consider temporary card turn off as valuable	47%
Respondents who access bank account primarily through mobile	80%

1. In 2021, 61% of the US population uses mobile banking. (Source: BusinessofApps)
2. In 2020, 68% of mobile banking users in the US are between the ages of 18-44. (Source: BusinessofApps)
3. In 2021, 46% of mobile banking users in the US have an annual income of over $75,000. (Source: BusinessofApps)
4. In 2020, 40% of mobile banking users in the US have a college degree. (Source: BusinessofApps)
5. In 2021, 37% of mobile banking users in the US are male, while 63% are female. (Source: BusinessofApps)

Online Banking Statistics

Trend	Data
Percentage of US banks providing online banking services	80% (by 2006)
Growth in EU citizens using online banking	Doubled (2009-2019)
Percentage of American bank account holders using mobile banking	89%
Frequency of mobile banking usage	At least once a month (94%)
Estimated savings from chatbots deployment in banking industry	$7.3 billion (by 2023)
Percentage of total client base who are online banking customers	20%
Primary way of managing accounts	Mobile banking (70%)
Percentage of account holders using mobile banking	Approximately 82%
Percentage of consumers using mobile payment services (under 54 years)	30%
Percentage of consumers using mobile payment services (over 54 years)	12%

Online Banking Benefits

1. Mobile banking offers increased convenience and flexibility for users.
2. With mobile banking, users can access their accounts from anywhere and at any time.
3. Mobile banking allows users to manage their finances on the go and make quick decisions.
4. Mobile banking can help users stay on top of their finances and avoid missed payments or overdrafts.
5. Mobile banking can also offer added security features, such as biometric authentication and encrypted transactions.

Online Banking Trends

1. The number of mobile banking users continues to grow each year.
2. The use of biometric authentication is becoming more common in mobile banking.
3. Mobile banking transactions are becoming more secure and efficient.
4. The use of artificial intelligence (AI) and machine learning (ML) is becoming more prevalent in mobile banking.
5. Mobile banking is becoming increasingly integrated with other financial technologies, such as blockchain and digital wallets.

Mobile Banking Benefits Statistics

Demographic	Percentage who see benefits of mobile banking
Gen Xers	91%
Baby Boomers	79%

Mobile Banking Usage Statistics

Demographic	Percentage who made a contactless payment with a mobile device
Millennials	Nearly 50%
Older people	26%

Country	Percentage of population using mobile banking
United Kingdom	74%
Denmark, Finland, Netherlands	91%

Mobile Banking Market Statistics

Market Size	Revenue (in $ billions)
Total	$693

Online Banking Demographics

36. In 2020, 68% of mobile banking users in the US are between the ages of 18-44. (Source: BusinessofApps)
37. In 2021, 46% of mobile banking users in the US have an annual income of over $75,000. (Source: BusinessofApps)
38. In 2020, 40% of mobile banking users in the US have a college degree. (Source: BusinessofApps)
39. In 2021, 37% of mobile banking users in the US are male, while 63% are female. (Source: BusinessofApps)
40. In 2020, the top age groups using mobile banking in the US are 25-34 and 35-44. (Source: BusinessofApps)

Online Banking Software

41. The most popular mobile banking software in the US includes Chase Mobile, Bank of America, and Wells Fargo Mobile. (Source: BusinessofApps)
42. In 2020, mobile banking apps in the US have a user rating of 4.2 out of 5 stars. (Source: BusinessofApps)
43. The average mobile banking app in the US has a size of 59 MB. (Source: BusinessofApps)
44. The most popular mobile banking software in the US is available on both iOS and Android platforms. (Source: BusinessofApps)
45. In 2021, the average mobile banking app in the US has over 1 million downloads. (Source: BusinessofApps)

Online Banking Opportunities

46. In 2021, the top opportunities for mobile banking include further integration with financial technologies, improved user experience, and increased security measures. (Source: BusinessofApps)
47. Mobile banking provides opportunities for financial institutions to reach a wider audience and improve customer engagement.
48. The growth of mobile banking creates new revenue streams for financial institutions and other businesses in the industry.
49. Mobile banking provides opportunities for financial institutions to enhance their customer experience and improve customer loyalty.

Bank Assets and Branches (as of May 2021)

Bank	Assets ($M)	Branches
J.P. Morgan Chase	$1,297,178M	5,284
Bank of America	$1,328,664M	4,603
PNC	$264,704M	2,561
Regions Bank	$96,990M	1,492
TD Bank	$832,824M	1,278

Importance of Bank Interactions (2015 Mobile Survey)

Interaction	% of General Mobile Banking Users Listed Among Three Most Important
Branch	51%
ATM	62%

Online Banking Challenges

1. In 2020, the top challenges faced by US mobile banking users include technical issues and poor user experience. (Source: BusinessofApps)
2. The security of mobile banking is a major concern for many users, especially with the increasing threat of cybercrime.
3. The limited functionality of some mobile banking apps can hinder user adoption and satisfaction.
4. The lack of understanding and awareness of mobile banking among certain demographics can limit its growth and adoption.
5. The cost and effort required to implement and maintain a mobile banking system can be a challenge for financial institutions.

Mobile Phone Ownership in the US

Year	% of US Adults with Mobile Phone	% of US Adults with Smartphone
2008	80%	n/a
2016	over 90%	77%

Bank Account Balances

Measure	Value
Average Checking Account Balance	$9,284.92
Median Checking Account Balance	$3,400

Federal Funds Rate

Year	Rate
Jan 2018	1.25% – 1.50%
Dec 2018	2.00% – 2.25%
As of Feb 2023	2.25%

Interest Rates by Account Type

Account Type	Interest Rate
High Savings	0.01% – 0.15%
Money Market	0.01% – 0.34%
Interest Checking	0.01% – 0.11%

Households with Debit Cards

Year	% of Households with Debit Card
2013	84%
2018	58%

Households with Credit Cards

Year	% of Households with Credit Card
2013	50.9%
2018	64.3%

Households with Prepaid Debit Cards

Year	% of Households with Prepaid Debit Card
2013	7.9%
2015	9.8%

Households by Banking Status

Status	% of US Households
Unbanked	7%
Underbanked	19.9%
Fully Banked	n/a

FAQ

Q1: What is mobile banking? A1: Mobile banking is the use of mobile devices, such as smartphones and tablets, to access and manage financial accounts.

Q2: Is mobile banking secure? A2: Mobile banking has improved security measures, such as encryption and two-factor authentication, to protect users’ financial information. However, it is important to take precautions, such as keeping your device secure and avoiding public Wi-Fi, to minimize the risk of fraud or hacking.

Q3: What are the benefits of mobile banking? A3: The benefits of mobile banking include convenience, ease of use, improved security, and 24/7 access to your financial accounts.

Q4: What are the challenges of mobile banking? A4: The challenges of mobile banking include security concerns, limited functionality in some mobile banking apps, the cost and effort required to implement and maintain the system, and a lack of understanding and awareness among certain demographics.

Q5: What are the trends in mobile banking? A5: The trend towards mobile-only banking, cashless transactions, financial technology and digital banking solutions, improved user experience and enhanced security measures are driving the growth of the mobile banking industry.