Mobile banking has become increasingly popular in recent years, and it’s no surprise why. With the convenience of banking from anywhere, it’s easy to see why so many people are turning to mobile banking for their financial needs. But what does the data say about mobile banking?
In this blog post, we will take a look at some of the latest mobile banking statistics and explore what they mean for the future of banking.
Mobile Banking: The Most Important statistics
Mobile app fraud transactions have increased by over 600% since 2015.
Bank of America continues to be an industry leader with 30 million mobile active users.
Mobile Banking: Statistics Overview
Mobile banking usage has grown due to the increase in demand for self-service and personalization of products and services, but a lack of secure network infrastructure in some parts of the world has slowed down the expansion of the market.
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%.
This statistic shows the potential growth of the Mobile Banking Market over the forecast period, which can be used to inform decisions about investments and strategies related to Mobile Banking.
Online banking in Asia is expected to reach nearly one billion users by 2024, with Europe having the highest penetration rate.
It shows the mobile banking growth in the Asian market, as well as the potential for increased usage of mobile banking in Europe.
Chime, Dave, Monzo, and Revolut are the leading providers of mobile banking in the US and UK, respectively, with Chime and Dave having the most growth in the past 18 months and Monzo and Revolut having the most users.
This information highlights the current market leaders in the US and UK and highlights the growth of mobile banking in the past 18 months. It also shows which providers are the most popular and which have seen the most growth. This information can be used to inform decisions on which provider to use, as well as to track the growth of mobile banking in the US and UK.
57% of millennials and 64% of Gen Z have a financial account with a nontraditional institution, such as a neobank or other fintech.
Younger generations are more likely to use digital-only banking services, indicating a shift in the banking industry towards mobile banking. This is important for banks to consider when developing strategies to attract and retain customers.
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Mobile banking usage is higher among younger households, with 63% of 15-24-year-olds using mobile banking as their primary access method, compared to only 8% of households aged 65 and older.
This shows that younger generations are more likely to use mobile banking, which could be a sign of a shift in banking preferences.
Mobile banking is reliant on internet access and tech knowledge, which can leave users vulnerable to phishing.
This highlights the importance of user education and security measures to protect users from malicious activities while using mobile banking. Without proper security measures, users are at risk of having their personal information and financial data compromised, which can lead to financial losses and identity theft.
Bank of America continues to be an industry leader with 30 million mobile active users.
Bank of America is a leader in mobile banking. It provides a reliable and secure mobile banking experience that is being used by a large number of customers. The statistic shows that the bank is investing in mobile banking technology and actively engaging customers in this area. All of this is important for customers to understand as they make decisions about which banking institution to use.
Mobile app fraud transactions have increased by over 600% since 2015. Account takeovers are the source of 89% of digital fraud losses.
Banks and other financial institutions need to increase their security measures when it comes to mobile banking. Mobile banking transactions are becoming increasingly popular, but security measures need to be updated in order to protect customer accounts from fraud and account takeovers. This statistic also serves as a reminder to users to take extra precautions when using mobile banking, such as using two-factor authentication, changing passwords regularly, and monitoring their accounts for suspicious activity.
Mobile banking fraud statistics indicate that fingerprinting solutions could reduce at least a portion of the 34% of attacks that come from trusted accounts.
There is a need for stronger security measures in mobile banking, such as fingerprinting solutions, to protect customer accounts from fraudulent activity. By reducing the number of attacks coming from trusted accounts, customers can feel more secure when banking online, and banks can reduce their risk of losses due to fraud.
One in every 20 fraud attacks takes place thanks to a rogue mobile app.
It highlights the importance of security measures related to mobile banking that are necessary in order to protect users’ personal and financial information. Knowing that one in every 20 fraud attacks is due to a rogue mobile app, banks need to take extra steps to ensure their mobile banking apps are secure from malicious actors. This includes implementing multi-factor authentication, encrypting data, and regularly monitoring the app for any suspicious or malicious activity.
Mobile banking UK statistics reveal that this country is the European leader in mobile payments, with 74% of its population using mobile devices to manage their finances.
This statistic highlights the potential of mobile banking in the UK. It indicates that the country is ahead of the curve when it comes to mobile banking, which is a growing trend in financial services. The UK is well positioned to take advantage of the growing mobile banking market and capitalize on its potential. Additionally, this statistic provides valuable insight into the preferences and habits of UK customers, which can be used by banks to tailor their services to meet the needs of their customers.
Conclusion
In conclusion, mobile banking is becoming increasingly popular and is here to stay. As technology continues to advance, mobile banking will become even more popular and more convenient for users.
With the increase in mobile banking usage, banks must ensure that they are providing secure, reliable, and user-friendly services to their customers. Banks must also continue to monitor the latest mobile banking trends and statistics to ensure they are providing the best services possible.
References
1 – https://dataprot.net/statistics/mobile-banking-statistics/
2 – https://www.vantagemarketresearch.com/industry-report/mobile-banking-market-1521
3 – https://www.statista.com/statistics/1228757/online-banking-users-worldwide/
4 – https://www.businessofapps.com/data/mobile-banking-app-market/
5 – https://www.bankrate.com/banking/digital-banking-trends-and-statistics/#digital-trends
6 – https://www.statista.com/statistics/1233390/mobile-banking-as-primary-method-to-access-account-usa-by-age/
7 – https://www.dbs.com/digibank/in/articles/save/types-of-mobile-banking
8 – https://www.idfcfirstbank.com/finfirst-blogs/mobile-banking/advantage-of-mobile-banking#:~:text=With%20a%20mobile%20banking%20app,account%2C%20and%20pay%20utility%20bills.
9 – https://www.bankrate.com/banking/checking/benefits-of-mobile-banking/
10 – https://www.dbs.com/digibank/in/articles/save/advantages-and-disadvantages-of-mobile-banking#:~:text=Mobile%20Banking%20Disadvantages&text=A%20major%20disadvantage%20of%20mobile,can%20get%20through%20mobile%20apps.
11 – https://bank.caknowledge.com/mobile-banking/#Disadvantages_of_Mobile_Banking
ZipDo, cited June 2023: Mobile Banking Statistics
