GITNUX MARKETDATA REPORT 2024

Must-Know Mobile Banking Statistics [Latest Report]

With sources from: 1 – dataprot.net/statistics/mobile-banking-statistics/, 2 – vantagemarketresearch.com/industry-report/mobile-banking-market-1521, 3 – statista.com/statistics/1228757/online-banking-users-worldwide/, 4 – businessofapps.com/data/mobile-banking-app-market/ and many more

In this post, we will explore a comprehensive compilation of key statistics related to the mobile banking industry. From projected market growth to the rise in mobile app fraud transactions, we uncover valuable insights that shed light on the evolving landscape of digital banking. Discover how industry leaders like Bank of America are shaping the future of mobile banking, and gain an understanding of the challenges and opportunities that come with this technological shift.

Statistic 1

"The Global Mobile Banking Market is projected to grow from 692.5 million USD"

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Statistic 2

"in 2021 to 1,359.5 million USD by 2028, exhibiting a CAGR of 11.9%."

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Statistic 3

"Mobile app fraud transactions have increased by over 600% since 2015."

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Statistic 4

"Bank of America continues to be an industry leader with 30 million mobile active users."

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Statistic 5

"The Global Mobile Banking Market is projected to grow from USD 692.5 Million in 2021 to USD 1,359.5 Million by 2028, exhibiting a CAGR of 11.9%."

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Statistic 6

"Online banking in Asia is expected to reach nearly one billion users by 2024, with Europe having the highest penetration rate."

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Statistic 7

"57% of millennials and 64% of Gen Z have a financial account with a nontraditional institution, such as a neobank or other fintech."

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Statistic 8

"Mobile banking is reliant on internet access and tech knowledge, which can leave users vulnerable to phishing."

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Statistic 9

"Bank of America continues to be an industry leader with 30 million mobile active users."

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Statistic 10

"Mobile app fraud transactions have increased by over 600% since 2015. Account takeovers are the source of 89% of digital fraud losses."

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Statistic 11

"One in every 20 fraud attacks takes place thanks to a rogue mobile app."

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Interpretation

The statistics presented highlight the significant growth and increasing importance of mobile banking in the global financial landscape. With projections showing exponential market growth and the rise of online banking users, particularly in Asia, it is evident that mobile banking is becoming a mainstream choice for managing finances. However, the alarming increase in mobile app fraud and susceptibility to phishing underscore the need for users to prioritize security measures when engaging in mobile banking activities. Additionally, the data emphasizing the shift towards nontraditional financial institutions among younger generations suggests a shifting paradigm in the banking industry. As mobile banking continues to evolve and expand, both users and financial institutions must remain vigilant in addressing security challenges to ensure the safety and trust of the growing mobile banking market.

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