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Key Online Mobile Banking Statistics

42 Key Online Mobile Banking Statistics

Mobile banking makes it easier than ever before to keep on top of your finances, and easily access your money whenever you need it. Of course, mobile banking is something of a new development, thanks to the increasing rise of smartphones that are capable of more and more amazing things. 

Mobile banking is incredibly useful and is most definitely here to stay as a result. If you are at all in doubt as to the power and influence of mobile banking, then you will definitely want to read on down below, because we are going to explore 42 online mobile banking statistics that show off just how increasingly popular mobile banking is proving to be! 

So why don’t you read on down below and we can get started?

1. The Rise Of Banking Malware

Malware and viruses are simply a fact of life in the online landscape. Whenever an online platform becomes popular or widely used it inevitably attracts the attention of hackers and their ilk. In 2019 alone, banking malware was up by around 50%! 

However, though this statistic is rather stark, it is a testament to how powerful mobile banking has become, and how prominent it will continue to be in our lives. 

2. The Rise Of Phishing

Once again, for as long as the internet has been around, phishing has existed as a serious threat to our online safety, and the protection of our data. In the fourth quarter of 2019 alone, phishing was the main culprit behind 60% of all cyberattacks! 

Phishing schemes tend to target the vulnerable or those with less online know-how. However, efforts are being made to educate people of all ages to recognize phishing attempts.

3. Stolen Devices

While hackers are able to use their cunning skills to remotely access the data of their victims, a surprising number of cases of compromised data actually happen as a result of stolen devices. 34% of cases of fraud actually occur directly on the device of the victim!

4. Trojan Horses 

Trojan horses exist as a way for hackers to gain access to your account, before then wreaking as much havoc as they can. Sadly, Trojan horses have been around for many years and still prove incredibly effective. In fact, 16% of all digital fraud is a result of a Trojan horse! 

5. Mobile Browsers

As well as allowing smartphone users to access their bank accounts from specialized apps, many banks also allow users to access their bank accounts through built-in mobile web browsers.

Unfortunately, the safety of web-browser based mobile banking is not as strong, and in the fourth quarter of 2019, three out of every fraud case took place on a mobile browser.

6. Mobile App Fraud Increase

From the period of 2015 to 2018, a massive increase in fraud transactions took place, with a rise of around 600% of fraud cases based on mobile apps.

7. Mobile eCommerce On The Rise

eCommerce is proving to be a serious business. Platforms like eBay, Amazon, and other websites make it easier than ever to shop for goods and services from our own phones. In fact, mobile eCommerce alone accounts for more than 50% of all retail shopping online. Projections show that this is likely to keep rising!

8. Percentage Of Online Shoppers

An amazing statistic has shown that over 79% of smartphone owners have used their smartphones to make some kind of online purchase over a six-month period.

9. High Value

Monetary transactions made using mobile devices in 2020 alone equated to around $503 billion dollars in circulation! 

10. Low Mobile Banking Amongst Older People

Key Online Mobile Banking Statistics

Research has shown that, almost unsurprisingly, mobile banking is preferred by younger people, with only around 26% of older people surveyed stating that they make use of mobile banking, or have used their mobile phone to complete payments.

11. Bank Of America Leads The Way

Easily the biggest mobile banking platform in the world is the Bank Of America app. This app has become an industry leader, with over 30 million active users currently making use of its services. 

12. Mobile Apps Are Big Business

Of course, mobile banking apps have managed to draw in a massive number of users to their services, but mobile apps in general have earned massive revenue. In 2021 alone, the mobile app market generated $693 billion!

13. Quality Of Service

Of course, one of the things that best dictates whether someone uses a specific mobile banking platform is how well-designed the user experience is. Over 81 percent of adults have stated that the quality of online service is the most important factor in who they bank with. 

14. 55+ Resistant

Research has shown that people over 55 years of age are often reluctant to rely on online banking or to make payments on smartphones. Only 16% have been shown to increase their usage.

15. Mobile Banking Revenue

In 2021, the overall revenue for mobile banking apps was estimated to be around $6.8 billion dollars! This is an increase of over 88% over the previous year.

16. NuBank – The Neobank

Neobanks are modern banking platforms and apps that make it easier to access and use your own money. In territories like Brazil, this makes them incredibly popular, as there are high transaction fees in the country. NuBank is the most popular platform in Brazil.

17. Mobile Banking Usage In 18-24 Year Olds

Events like the pandemic saw a massive rise in users of mobile banking. 18-24-year-olds alone saw a 35% increase in mobile banking usage.

18. Mobile Banking Usage In 25-34 Year Olds

25-34-year-olds increased their mobile banking usage over the course of the pandemic by around 32%!

19. Mobile Banking Usage In 35-44 Year Olds

Around 31% of 35 to 44-year-olds increased their usage of mobile banking over the course of the pandemic. These statistics point to how lower access to facilities necessitates the rise of mobile banking platforms.

20. Mobile Banking Has Risen Significantly

Over 50 percent of people that have used mobile banking at some point have reported that they have increased their usage over the course of the Coronavirus pandemic.

21. Mobile Users Increase

Smartphones are truly everywhere. They are not only incredibly powerful but can be used to do all sorts of things. The research found that in 2021 there were over 5 billion unique smartphone and mobile users! This is around 66% of the world’s population.

This explains why mobile banking has proven so massive!

22. Chatbots On The Rise

Chatbots help mobile banking users to field their questions and concerns about mobile banking, without banks needing to hire round-the-clock support teams of massive sizes. More than a million people used the Bank Of America chatbot in the year of its launch!

23. Mobile Wallet Slow Rise

Key Online Mobile Banking Statistics

Despite being an increasingly popular technology, the use of mobile wallets was actually much lower in 2020 than in 2019! However, this does not mean that mobile banking is slowly dying, as such fluctuations are actually surprisingly common when it comes to new technologies, as people have to build confidence slowly over time.

24. UK Top In Europe

The country in Europe with the highest number of online payments and mobile banking usage is the UK! An impressive 74% of Brits use mobile banking on their smartphones!

25. Mobile Banking High In Europe

Research from Visa has shown that 55-64-year-olds in Europe are far more likely to use mobile banking than those in the same age range in the United States!

26. Daily Account Takeovers

Statistics have shown that those committing fraud on mobile banking platforms are doing so at an increased rate. Data losses on such platforms are a result of account takeovers in 89% of cases!

27. Triada – King Of Banking Malware

Banking malware has of course seen a sharp rise, and the king of all banking malware is easily Triada, a piece of malware that accounts for 30% of malware attacks.

28. Online Banking In 2006

Though mobile banking has only more recently taken off, online banking, in general, saw a meteoric rise in 2006, a time by which more than 80% of banks in America offer online banking services. 

29. Confidence In Mobile Banking 

Of course, no good mobile banking platform could thrive without a confident user base. Research has shown that 95% of people in the United States believe that their banks protect their information.

30. Smartphone Usage Climbs

Over a period from 2011 to 2016, the percentage of U.S. adults who had smartphones climbed from 35% to 77%! This is a very steady rise, and partly explains why mobile banking continues to grow.

31. Rogue Mobile Apps

Although mobile app stores make every effort to ensure that apps on the platform are genuine, a number of rogue apps, developed with intention to act as a Trojan horse for banking accounts still slip through. In fact, around 1 in every 20 fraud cases occur as a result of a rogue app!

32. Friendly Fraud

Friendly fraud refers to cases in which cardholders try to claim back money spent on certain products or services that have supposedly not ‘met expectations’. Merchants must take cardholders at their word, so this has led friendly fraud to account for 60% of fraud cases on mobile devices. 

33. Mobile Fraud Total Losses

In total, the collective number of losses accrued from mobile fraud equate to around $40 million lost! This is from 14,392 discovered breaches of security!

34. Mobile Banking As Primary Method

According to research, the number of American adults who use mobile banking as the primary method of accessing their accounts increased by around 24.5%.

35. Greater Financial Awareness

The widespread use of mobile banking has led 62 percent of adults to feel they have greater awareness of their financial situation!

36. Fewer Concerns 

The same people who felt more confident about their financial situations as a result of mobile banking also reported having far fewer concerns regarding their financial situation and prospects.

37. Digital Only Banking

More than 1 in 4 adults in Britain have opened bank accounts with digital-only banks! This is a massive increase, and proves the potential of digital banking into the future.

38. Banking Prevalent Online 

Key Online Mobile Banking Statistics

A massive number of Britons have claimed that online banking is one of their biggest priorities when using the internet! Over 54% said that they make banking a priority amongst their online activities. 

39. PayPal’s Rise

Amongst people that make frequent use of mobile banking, more than 49% claimed that PayPal was their preferred method for making payments when using eCommerce sites.

40. Online Banking Essential?

More than 39% of respondents in a 2020 survey identified mobile banking as one of the best potential features from any bank they may sign up to!

41. Digital-Only Banking In London

More than 46% of Londoners in 2021 made use of digital only banking, as opposed to traditional banking!

42. Generation Z

Around 45% of consumers in generation Z have made use of mobile banking platforms to complete payments over the course of 2020 and beyond!

Online Mobile Banking Statistics – Final Thoughts

Mobile banking is seeing a massive rise year upon year, thanks to how incredibly useful it is. Mobile banking makes it easy for any individual to remain fully in control of their finances wherever they are! We hope that these 42 statistics have proven this to you!

Frequently Asked Questions

Which Country Uses Mobile Banking The Most?

The country that actually makes the most use of mobile banking is Botswana, with Kenya just behind!

What Is The Impact Of Mobile Banking?

Mobile banking is proving incredibly impactful thanks to the fact that it increases accessibility, and significantly reduces transaction costs! 

What Are The Disadvantages Of Mobile Banking?

The biggest potential disadvantage of mobile banking is that in order to use it, you need a very strong and stable internet connection.