The first mobile banking app for Smartphones was introduced by the Royal Bank of Scotland in 2007.
Today, nearly every bank has a mobile banking app, which customers take for granted.
Of course, as the following mobile banking statistics show, banking via the Internet carries additional risks.
It’s something that all app users should be aware of.
Fortunately, the following facts will help you understand the issues and how best to protect yourself.
Key Statistics
- 60% of people will use a mobile banking app instead of a website
- By 2030 the mobile banking market will be worth $3.47 billion
- There are over 929 million mobile banking users in China and the far east
- 95% of banking app users believe their bank will keep their data safe
- Over 26 million banking apps were downloaded in 2022
- Only 46% of Generation X use mobile banking
- 39% of people primarily use banking apps
- There will be 40 million open banking users by 2024
- Over one-third of mobile banking users want fingerproint scanning
- As of March 2023 Citi Mobile, Bank of America, and Chase Mobile are considered to be the best banking apps
- Bank of America has 30 million mobile banking app customers
- Mobile device payments topped $1 trillion in 2023
- Europeans aged 55-64 use mobile banking more than those in the US
- 34% of fraud cases use a confirmed account
- 63% of US mobile banking users are female
- The US is leading the way in modernising mobile banking apps
Top Mobile Banking Statistics in 2025
1. 60% Of People Will Use A Mobile Banking App Instead Of A Website
People have become reliant on technology and, in most cases, they connect through their smartphones.
It’s convenient, simple, and allows people to deal with almost anything while on the go.
It’s not surprising that the latest statistics show 60% of people use a mobile banking app instead of a website.
In fact, it’s surprising that the percentage of people using a mobile banking app isn’t higher.
App makers have recognized the cyber security risks and appear to be working hard to prevent breaches.
This appears to have inspired trust from customers and is one of the main reasons that mobile banking has become so popular.
Of course, the fact that you can access the bank at any time of the day or night helps!
The technology is still evolving. As of 2016, banks have started to introduce cardless ATMs.
This allows users to withdraw cash and handle other transactions at the ATM via their smartphone!
(Google)
2. By 2030 The Mobile Banking Market Will Be Worth $3.47 Billion
Mobile banking apps have become extremely popular in the last few years.
It’s expected that the interest in these apps will continue to grow, potentially even faster than before.
This will largely be fuelled by the youngest generation who, in general, undertake more activities online.
According to the latest estimates, the mobile banking market will be worth $3.47 billion by 2030.
That’s a significant increase in its value in 2022 which was established as $1.5 billion.
Some of the biggest players in the mobile banking market include Capital Banking Solutions in the US, Ebanq B.V. in the Netherlands, and Apex Software Ltd in Kenya.
It should be noted that five of the top ten mobile banking players are based in the US.
(Globe News Wire)
3. There Are Over 929 Million Mobile Banking Users In China And The Far East
According to a 2022 survey, there are nearly 197 million mobile banking users in the US alone.
That’s close to two-thirds of the population.
The number has multiplied rapidly in recent years, a significant number of people older than 60 signed up for mobile banking during the pandemic.
However, the number is small in comparison to China and the Middle East.
The latest survey by Statista found that the mobile banking market in Southeast Asia has 928.9 million users and is expected to hit 975 million by 2024.
Of course, there are significantly more people living in Southeast Asia than in the US.
In China alone, there are 1.45 billion.
In terms of percentages, the number of mobile banking users is comparable.
(Statista)
4. 95% Of Banking App users Believe Their Bank Will Keep Their Data Safe
As more people head online to deal with shopping, banking, and other matters, there has been an increased awareness of the risks.
Data theft is a particular concern.
Naturally, the numerous data breaches which have been reported in recent years make it easier for people to understand cybersecurity issues.
Interestingly, while users are concerned, a recent survey by Enterprise Apps Today found that 95% of users were satisfied with the security offered by their banks and felt confident that their data is well protected.
Of course, this trust is helped by the FDC which safeguards up to $250,000 in any individual account.
It ensures you won’t lose your money, (up to the $250,000 limit), if the bank suffers a data breach.
(Enterprise Apps Today)
5. Over 26 Million Banking Apps Were Downloaded In 2022
Mobile banking has steadily become more popular.
A large part of this is how easy the service is to access and, thanks to apps, it’s even easier to access your funds, create transfers, and handle other transactions while on the move.
Of course, there are still some people that prefer banking the old-fashioned way.
However, the pandemic changed many people’s way of thinking.
During the pandemic, many people downloaded financial apps to make life easier.
It’s now more popular than ever.
In fact, 76% of adults across the globe now have access to mobile banking, an alternative financial institution, or a mobile banking app.
In short, the digital revolution has dramatically improved the way people access their banks and send/receive payments.
This fact is backed up by the 26 million banking apps downloaded in 2022.
It represented a 54% increase in banking app downloads compared 0ot 2021!
(Market Research Future)
6. Only 46% Of Generation X Use Mobile Banking
Understandably, older generations find it harder to adapt to new technology.
It’s a pattern which repeats generation after generation.%
That’s why, only 46% of Generation X are currently using a mobile banking app.
In contrast, 70% of Millennials have a banking app on their phone and use it regularly.
Generation X generally prefers face-to-face encounters, hence why over half of the generation isn’t using mobile banking apps.
Of course, the baby boomers are an even older generation and they have even less time for mobile banking apps.
Current statistics suggest that only 32% of baby boomers have a mobile banking app and use it regularly.
Of all the generations, it’s not surprising that the youngest, Generation Z, has the highest adoption rate.
Approximately 77% of this generation use mobile banking apps.
They generally stick to one financial institution.
The percentage of Generation Z using mobile banking is likely to increase to 100% as the younger people in this generation start to open bank accounts.
(CNBC And Chase Media Center)
7. 39% Of People Primarily Use Banking Apps
Banking apps take a few minutes to download and install on your smartphone.
Once installed, most banks require you use a spoecial code ti access the app.
This is different to your standard banking log in.
Adopting this approach means that using a banking app is surprisingly fast and simple.
That’s the reason why mobile banking apps have become so popular.
In fact, according to the latest research, 39% of people using a mobile banking app rarely access their bank account any other way.
That’s not surprising as it’s so convenient to access your bank on your smartphone just by tapping an icon and entering a code.
Mobile banking apps are also increasingly effective at handling a wide array of banking matters.
The majority of mobile banking apps allow you to undertake basic and advanced transactions, create a personalized alert, customize the services offered within the app, and allow you to quickly transfer funds and pay bills, nationally and internationally.
The app also allows you to cancel paper bills and statements, effectively helping to save the environment.
(Enterprose Apps Today)
8. There Will Be 40 Million Open Banking Users By 2024
Open Banking is an increasingly popular concept. In effect, it allows the bank to share your details with specific third parties.
These third parties can then offer their services on the banking app.
All the third party services are finance related. In essence, it will be significantly easier to access a wide variety of services via your banking app.
You don’t even need to choose your bank to help you with your finances, any third-party provider on the banking site has been approved to help you.
Open banking is the next step in the evolution of digital banking, effectively placing all the financial services you could need at your fingertips.
It gives you the best possible range of options and reduces the amount of complications which arise from inter-banking.
A survey in 2021 found that there were 18 million open banking users.
By 2024 the number of users is expected to reach 40 million. That’s an impressive increase.
(Finance Magnets)
9. Over One-Third Of Mobile Banking Users Want Fingerproint Scanning
Security is one of the biggest concerns for anyone using online banking.
After all, if a hacker manages to access your username and password they could empty your bank accounts and even cause you a lot of stress by taking loans in your name.
Fortunately, banks also take security very seriously.
They are working hard to ensure cybercriminals can’t access data.
Naturally, users tend to want the best in security.
That’s why, according to a recent surveyu, 39% of mobile banking users want their banks to introduce fingerprint authentication to their banking apps.
Other options include face recognition via a face scan.
17% of mobile banking app users want this technology integrated.
A further 15% would like their banking app to include an eye scan as a security feature.
What’s interesting about this is that, in many other scenarios, allowing this type of access in an app would be flagged as intrusive and dangerous.
That shows how important banking apps have become and will continue to be.
It’s worth noting, 5% of those surveyed simply want to control their banking app with a voice.
(Light It)
10. As Of March 2023 Citi Mobile, Bank of America, And Chase Mobile Are Considered The Best Banking Apps
A survey conducted in March 2023 found that CitiMobile is considered one of the most secure banks in the industry.
Accessing their mobile ban,king apps means getting past several layers of sec urity, includiung biometric scanners.
The Bank of America also has an excellent reputation for cybersecurity and monitors all transacrtions 24/7.
The third contender for the title of best security is Chase Mobile, another well-known American institution which has first-class cybersecurity.
This includes comprehensive scrutiny, 24/7 monitoring, and fast reactions fvor any suspicious events and activity.
If you’re worried about using mobile banking then you could do worse than joining one of these three and knowing that your data is safe.
(Dataprot)
11. Bank Of America Has 30 Million Mobile Banking App Customers
The Bank Of America is considered a global industry leader.
As such, it needs to embrace new technology and encourage customers to use it.
It’s something the bank is very good at. According to the latest research, the Bank of America has over 30 million of its customers using the mobile banking app regularly.
That’s impressive as it has over 40 million online customers.
In other words, three-quarters of those customers are already using mobile banking.
The Bank of America regularly promotes its online banking and mobile apps.
One of the most recent examples of this was the launch of a debit card in 2019.
It was purposely designed for online shopping, although the debit card could also be used in stores and to withdraw cash.
It should be noted that the Bank of America has one of the best cybersecurity teams in the business.
Everything is continually monitored to ensure customer details and transactions stay safe.
A recent survey of Bank of America customers confirmed that were very pleased with the app and it
(Dataprot)
12. Mobile Device Payments Topped $1 Trillion In 2023
It doesn’t matter where you are, take a look around you and you’re certain to see people glued to their mobile phone.
Cell phones are everywhere and most people can’t imagine living without one.
It’s not surprising that people are increasingly using their mobile phones ot access apps, purchase items, and even do their banking.
According to a recent Square Survey, half of respondents had made a contactless payment using their cell phone within the last month.
The rate drops to 26% of respondents if you target just those older than 50.
Put simply, the number of people paying with mobile devices instead of traditional debit and credit cards is increasing.
The same survey found that users had spent over $1 trillion during 2023 just using mobile device payments.
It’s expected use of this payment method will inc rease. In fact, experts predict it will rise b y as much as 29% by 2027.
That transmlates as nearly $9 trillion being spent with a mobile device.
Interestingly, 77% of people say they have not yet used this payment method.
Their biggest concern appears to be the security of their device and data.
Provided banks and financial institutes focus on promoting the security features of their apps, the percentage of people playing this way is likely to increase dramatically.
(Square Survey)
13. Europeans Aged 55-64 Use Mobile Banking More Than Those In The US
The US is generally considered to be one of the most technologically advanced countries in the world. It’s at the forefront of new technology.
However, that doesn’t mean everyone in the US embraces the latest tech.
In most cases, older people are slower to embrace technology.
What’s interesting is that the Europeans don’t appear to be so reluctant to embrace the new technology.
According to a recent study, 22.6% of UK residents are using mobile banking more than their US counterparts.
France comes in second with 17.9% of thier population between 55-64 using mobile banking apps and payments.
This rate drops to 16.7% of people in Germany.
For this age range, the US is lower than all three of these countries.
(Dataprot)
14. 34% Of Fraud Cases Use A Confirmed Account
As mentioned, fraud is one of the biggest concerns for customers and banks.
While banks are extremely vigilant, fraudsters are constantly coming up with new ways to get the information they need.
According to the latest figures, as many as 34% of fraud cases actually occur from a confirmed device.
That means, the criminals have managed to get hold of your phone and enter your banking app.
It’s important all individuals take this type of crime seriously. Having a unique username and password isn’t enough.
If your phone is stolen then it’s only a matter of time before the criminals access the information on it.
The simplest way to stop this from happening is to add an extra layer of security, such as face recognition or fingerprint authorisation.
That’s much harder for criminals to find thier way around.
(Dataprot)
15. 63% Of US Mobile Banking Users Are Female
At first it may seem surprising that 63% of mobile banking users are female. It means just 37% are male.
However, according to surveys women are more likely to handle the finances in a household.
It therefore, makes more sense that they would be using the mobile banking app and not the man in the household.
It is interesting to note that 40% of mobile banking users have a college degree.
Unfortunately, there is no breakdown in fregard to male/female users and whether they have a college degree.
However, the survey did reveal that people aged between 25-44 are the most likely to be using a mobile banking app.
According to a 2020 survey, 68% of US mobile banking app users were aged between 18-44.
Interestingly, the same survey found that 46%of mobile banking users had a household income in excess of $75,000.
(Business Of Apps)
16.The US Is Leading The Way In Modernising Mobile Banking Apps
Because customers now expect to be able to carry out virtually any transaction online, banks have needed to increase their investment in online banking and particularly mobile banking apps.
It’s the only way to ensure the bank will remain competitive in the future.
Naturally, the US leads the way in modernizing mobile banking apps. However, it may surprise you to find out who is trying to keep up with them.
According to a recent survey, Mexico takes the second spot, with Canada following closely behind.
Japan, China, and Korea are also heavily investing in mobile banking, as is the UK and Germany.
Surprisingly, India is committed to mobile banking and appears to be modernising their mobile banking apps rapidly.
The tenth spot int he list is taken by Australia, a country eager to keep up with the latest developments across the globe.
(Statista)
Summing Up
There is little doubt that mobile banking will become increasingly popular in the future.
It’s fast and convenient, especially when you consider it’s possible to do almost any transaction from your phone.
As the above mobile banking statistics show, traditional payment methods are dying out, it’s only a matter of time before the debit and credit card are replaced with digital wallets on mobile phones.
Banks and other financial institutions are already heavily investing in this new technology.
It’s time you considered doing the same thing.
