Mobile banking statistics show that security is one of the most in-demand mobile banking features. With mobile usage reaching its peak in 2023, we explore the top mobile banking statistics.
Digital banking services are present in our everyday lives, with digital-only banks inviting millions of new users each year.
What this tells us is that online banking is clearly the way forward. In fact, it has been this way for some time now, so read on if you want to find out why!
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Important Mobile Banking Statistics 2023
- 79% of smartphone owners use their device to make an online purchase
- In 2020, 86.5% of Americans used a mobile device to check their bank balance
- The total value of payments made using a mobile device reached $503 billion in 2020
- There were 5.22 billion mobile users worldwide by 2021
- Bank of America is the industry leader with 30 million active mobile users
- Since 2015, mobile app fraud transactions have increased over 600%
- 89% of digital fraud losses are caused by account takeovers
Mobile Banking Market Statistics 2023
- In 2021, the mobile app market generated over $693 billion
- Bank of America introduced an AI-drive chatbot in 2019 to include credit card debt reduction
- Mobile wallets usage rates were lower in 2020 compared to 2019
- The UK is the European leader in mobile payments with 74% of its population using mobile devices to manage their finances
- Security is the main problem for people who want to make regular mobile payments
Mobile Banking Fraud Statistics 2023
- Mobile eCommerce compromises more than 50% of all retail sales online
- Mobile app fraud transactions increased over 600% from 2015 to 2018
- Three out of Five fraud transactions in 2019 originated from a mobile browser
- 16% of all digital fraud originates from Trojan horses or financial malware accounts in the US
- In 34% of cases, fraud takes place on a confirmed account on the user’s own device
- Phishing was behind 60% of all cyberattacks in Q4 of 2019
- Around one in every 20 fraud attacks takes place thanks to a rogue mobile app
- Banking malware was up 50% in 2019 compared to the first six months of 2018
- Mobile fraud losses totaled over $40 million from 14,392 breaches discovered by the US Federal Trade Commission in 2019
UK Mobile Banking Statistics 2023
- 76% of people in the UK use internet banking
- 51% of adults aged 25 to 34 say they have a positive attitude towards a cashless society
- In 2020, 87% of Britons made a purchase online
- In 2019, 49% of people preferred to use PayPal
- By 2023, a quarter of the UK’s population will make in-store mobile payments
- 46% of Londoners used digital-only banking in 2021
- In 2021 mobile POS payments reached around 76.5 billion pounds in transaction value
- 45% of Generation Z consumers made a digital or mobile wallet payment in 2020
Mobile Payment Statistics 2023
- Apple Pay was introduced in 2014
- The top mobile payment app is AliPay with 650 million users
- The global mobile payments revenue by the end of 2020 was $1390 billion
- Mobile payments are expected to grow at a rapid pace in the next five years, registering a 250 percent increase in revenue from 2020 to 2025
- China has a mobile payments adoption rate of 81.1%
- The US adoption rate is 29%
Mobile Banking App Statistics 2023
- The top banking app in the US is Chime, which is the largest Neobank with 8 million active accounts
- So-Fi generates the most revenue of Neobank apps, with $500 million
- The average customer deposit per month using the Chime banking app is $2000
- Valuated at $14.5 billion, Chime is in the strongest position out of Neobank apps
- In Latin America, NuBank is one of the most popular banking apps, with over 25 million users
- Revolut is the UK’s most popular Challenger Bank with £160 million in revenue
Mobile Banking Statistics FAQs
Mobile banking refers to people using a smartphone to manage their bank transactions, like managing accounts, transferring funds, and paying bills.
Mobile banking is said to be more secure than online banking. Most mobile banking apps do not store your bank details on your phone, rather they store them in a secure data center. While there have still been many reports of mobile banking fraud, it still remains the safest option.
Mobile banking is significantly more secure than online banking. Using a secure mobile app, your transactions are not being submitted through an internet browser. Mobile banking allows users to check their bank details and pay bills at their convenience, making it extremely popular.
The US commercial banks have $19.7 trillion in assets. The four biggest names in the banking industry are JPMorgan Chase & Co, Bank of America, Wells Fargo, and Citibank.
It’s predicted that we will soon be able to withdraw money from an ATM using a mobile app. It’s also suggested there will be an improvement in voice banking, biometric authentication, and machine learning.