Mobile Banking Statistics and Facts 2024

Introduction

Mobile Banking Statistics: Mobile banking mentions the use of a mobile device to carry out financial transactions. Particular financial institutes like banks give these services. Mobile banking permits users and customers to carry out transactions that may differ depending on the institution. Mobile banking has become handy with the development of structured mobile applications. Customers can now check their account balance, view banking statements on the application, make bank transfers, and book fixed deposits and all prepaid services.

However, online or mobile banking has brought many issues for financial institutes and consumers along with the benefits. In this article, we will be diving deep into Mobile Banking Statistics.

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• The first digital banking was launched in 1995.
• Nearly by 2006, 80% of banks in the United States started offering mobile banking services.
• Globally, the banking sector faces a loss of more than $1 trillion due to the rising rate of cyber crimes every year.
• Due to the digital banking platform, about 82% of the customers are unwilling to change their banks.
• Nearly 39% of customers use online banking applications as the primary banking method.
• Due to cyber security issues, 5% of the clients don’t prefer using banking applications as a primary method.
• Almost 89% of bank account holders in the United States use mobile banking to manage their accounts.
• By 2023, professionals will project the use of chatbots to help banking organizations save almost $7.3 billion in client support costs.
• About 94% of mobile banking clients access mobile banking services at least once a month.
• By 2024, mobile banking clients are expected to reach 3.6 billion.
• The United States will experience almost 216.8 million mobile banking clients.
• India counts for the maximum number of mobile banking globally.
• In 2021, the mobile banking industry in the United States was predicted at $4.3 billion, considering a 28.78% market share.
• From 2021 to 2026, Japan and Canada are among the other notable geographical markets, growing at 11% and 13.1%, respectively.
• Germany, respectively, is predicted to grow at a CAGR of 14.5% in Europe
• By 2026, the rest of the European market will reach $5.2 billion.
• In India, approx. 295.5 million mobile banking clients surpass the U.S. by over 70 million.
• By 2026, the world’s second-largest economy, China is predicted to attain a market six of $4.6 billion.

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Mobile Banking Statistics

• Professionals project that digital payments will grow at a composite annual growth rate of 29.0% between 2020 and 2027. And by 2027, it’s expected to reach $8.94 trillion.
• In 2021, the mobile banking industry grew by 14%.
• Statistics done by Square’s mobile banking in the USA show that 77% of the consumers who have not used this method of payment list security as a primary reason.
• With accounting for 30% of banking malware attacks, Triada has become a widely spread mobile banking company.
• As per the Federal Financial Institutions Examination Council and the Federal Reserve Bank, commercial banks in the United States had assets worth $19.7 trillion in 2020.
• Fraud originating from malware accounts for 16% of attacks, per online and mobile banking statistics.
• In 2020, a survey done by PYMNTS on 7,023 individuals concluded that just 19.3% of millennials, a key group of customers, use phone wallets to make payments for goods in 2020. In 2019 it was 22.3%.
• Fingerprinting solutions have reduced about 34% of attacks from trusted accounts.
• All-inclusive digital banking statistics from the USA show that the incidents of deception transactions emerging from digital applications grew an impressive 600% during this period.
• Cybercriminals are snatching control of accounts daily, taking over 89% of mobile fraud losses.
• As per Visa, Europeans aged between 55 and 64 use digital banking features more often than their U.S. counterparts.
• RSA’s statistics on digital banking show difficulty, accounting for 60% of cybercriminals in Q4.
• A vast 97% of millennials indicated that they use mobile banking.
• As per Insider Intelligence’s Mobile Banking Competitive Edge, about 89% of the users reported using mobile banking.
• Nearly 94% of banking customers use mobile banking platforms at least once a month.
• By 2024, it is foreseen that the position of chatbots will save the banking industry $ 7.3 billion in annual customer service costs.
• Online banking customers account for 20% of its total client base.
• In 2024, mobile and online banking growth is predicted to experience a 54% growth.

Mobile Banking Usage Statistics

• More than 95% of customers trust their banks through online banking platforms and feel confident that their information is safe and secure.
• Within the United States, about 89 percent of bank customers make use of online banking to manage their accounts.

(Source: enterpriseappstoday.com)

• About 47 percent of those who use digital banking think that turning off payments for credit cards in the digital banking application is more comfortable.
• According to the study, 24 percent of digital bank customers conduct international transfers of funds.
• About 26 percent of customers who use digital banking utilize their mobiles to update information on their accounts.
• The trends of digital banking within the United States show that there has been a predicted rise in this kind of service since 2011.

Digital Banking Usage Statistics

• According to BusinessWire, the survey shows that 35% of people are in favor of non-traditional financial products such as digital-only banks as well as stand-alone online accounts as their primary source of service.
• China, Japan, Canada and Europe, Canada, the United States, and Europe will contribute an average CAGR of 13% to the global investment banking industry.
• By 2026, the Asia-Pacific market, which includes India along with South Korea, is predicted to grow to $615.6 million.
• China is predicted to remain one of the fastest-growing countries in this field.
• Bank of America is the leader. Bank of America leads with nearly 30 million current mobile app customers and more than 40 million customers with online banking.

Mobile Banking Fraud and Security Statistics

• In 2023, the Reserve Bank of India (RBI) disclosed a bank fraud of around 302.5 billion Indian Rupees.
• In 2021, nearly 75% of e-commerce businesses faced a growth in fraud attempts.
• In 2023, Mobile Banking will account for 47% of all retail sales online.
• In 2023, medium-tech scams that previously plagued fintech are becoming more appropriate for fraud teams. The U.S. lenders feel a 1% decrease in automated bot attacks for the first time.
• In 2023, the total global digital crime cost will cross $48 billion from e-commerce to fraud and merchants.
• Nearly 95% of the United Nations account holders believe in their banks’ security systems and provide their personal information to the banks.
• Whereas 91% of all the customers prioritize lower fees and convenience. About 96% of the customers prioritize slightly lower than the security of accounts and funds.
• About 50% of the clients indicated that their bank performs fraud risk assessment in a year.
• In 2022, 90% of the data breaches were seen due to phishing.
• In the year 2022, 90% of the data breaches were accounted for phishing.
• In 30% of cases, the scams occur in the known and confirmed accounts on the user’s device. This shows that the old-style method of simply stealing things is still trending.
• Cyber fraudsters hire malware to target customers and thus release more than 100,000 new malware in 2021.
• RSA’s statistics on digital banking say that 60% of cybercrimes are caused by phishing.
• 70% of banking frauds have their origin in a mobile browser.
• Digital banking U.S. statistics disclose that 16% of all digital frauds originate from Trojan horses.
• Nearly 5% of cyberattacks occur due to reprobate mobile applications.
• In 34 % of cases, physically stealing devices is a straightforward way for fraud to pierce the victim’s defenses.
• As per the study, in 2022, there were about 2.8 billion malware practices.
• Crypto-jacking and IoT malware are the main reasons behind the growth of malware.

Global Mobile Banking Statistics

• China and the East have the highest digital banking perforation rate, with 928.9 million users.
• As per a CNBC survey, 70% of millennials use mobile banking applications for various tasks.
• 32% of this generation use mobile banking very frequently.
• Average yearly finance applications installation has expanded by 32% in 2023.
• Mostly, 95% of the people who trust their banks will invest more in their security, online banking platform, and data.
• Gen Z, age 77%, uses online banking applications.
• Nearly 39% of the clients utilize banking applications as primary online banking platforms.
• About 54% growth of 26 million is observed in mobile banking applications in 2022.
• FDC ensures that $250,000 is saved in their bank AS and therefore trusts their banks.
• In 2023, about 12% to 9.6 billion payments were seen in the U.K. during the pandemic.

Mobile Banking Trends and Statistics

• It is estimated that the global mobile banking market will reach $1.36 billion by 2028.
• In January 2023, there were 5.44 billion users of different digital devices.
• In 2022, the Fintech industry grew from $128 billion.
• Banks are projected to save $447 billion by using artificial intelligence.
• Users of the open banking reached 40 million by 2024.
• Almost 38% of the users wish to have a fingerprint scanner as a security checker.

 Online vs. Mobile Banking Statistics

• Global Online banking statistics show that about 73% of consumers use digital banking channels almost once a month.
• Approximately 70% of the clients urged maximum security and consistent services.
• Survey shows that online banking is used by 94% of mobile banking consumers use PC-based online banking platforms.
• According to consumer banking data, 56% use mobile, and 29% of banking customers use desktops to check their statements.
• For transferring funds between their accounts or to transfer money to somebody, about 48% of the banking customers use mobile banking, and 38% use desktop online banking.
• When customers conduct international transactions, statistics show that 24% of account holders use mobile and 53% prefer a laptop or desktop to complete such transactions.
• For updating account details, 26% of people prefer smartphone banking applications, whereas 47% of customers use a desktop or laptop.
• As per a banking industry survey, just 15% of the users enquire about banking products through mobile banking applications.

Conclusion

The above Mobile Banking Statistics show that the right blend of transformation technologies, the COVID-19 pandemic, and the expansion of smartphones drew more consumers to shift from traditional to digital banking. As Mobile banking technologies are upgrading, customers of all ages are adjusting to the same innovation.

Ultimately, no one would like to go to the bank and hassle for basic transactions. In the future, with 57 million more mobile banking users, the banking sector will keep growing. On the contrary, the safety requirements of these applications should also increase. So, this sector is a growing market, and it has a lot of opportunities for creating a promising career as a financial application developer.

We all hope these mobile banking technology trends are helpful to current and coming generations.