Statistics about mobile banking in the US show that security is the most in-demand mobile banking feature among average American users. This is because regulators cannot monitor the mobile money ecosystem as a whole following a record number of big-tech security incidents, including the massive Capital One data breach.\u00a0<\/p>\n\n\n\n
For promising startups, breaking into the mobile banking market is an iterative process that requires an in-depth understanding of the US mobile banking landscape. If you think your banking app is secure, maybe you\u2019ll reconsider after you\u2019ve looked into the following mobile banking statistics.<\/p>\n\n\n\n
The increase in demand for self-service and the personalization of products and services has fueled the growth of the mobile banking market. Technological advancements have resulted in various valuable features in mobile banking: real-time customer assistance, user-friendly interfaces, and immediate transactions.<\/p>\n\n\n\n
But mobile banking usage statistics over the years show a significant need for more secure network infrastructure in some parts of the world, which has slowed down the expansion of the mobile banking market. <\/p>\n\n\n\n
Despite that, banking trends have swung firmly in the direction of mobile banking now that more than half of the world\u2019s population owns a smartphone.<\/p>\n\n\n\n
Digital ecosystems have expanded beyond our imagination. In 2019, smartphone technology was boosted with AI-based applications<\/a> and IoT integrations<\/a>. This statistic shows the potential growth of the Mobile Banking Market over the forecast period.<\/p>\n\n\n\n Citi mobile app is very secure, as it uses several layers of security, such as biometrics, <\/p>\n\n\n\n to keep your information safe. And it’s easy to use with user-friendly features that make it very <\/p>\n\n\n\n accessible, especially for those not tech savvy; customers can access their accounts summary offline.<\/p>\n\n\n\n Bank of America e-banking is known for its outstanding cybersecurity team that delivers comprehensive security 24\/7, continuously monitoring transactions for suspicious activity. <\/p>\n\n\n\n Meet Erica, Bank of America\u2019s new virtual financial assistant.<\/p>\n\n\n\n Erica is an AI-driven chatbot that provides users with predictive analytics to make using the mobile banking app much more effortless. The more users interact with this AI-driven chatbot, the more data it collects and the better it becomes at providing personalized assistance.<\/p>\n\n\n\n Bank of America\u2019s mobile banking statistics in 2019 show that the mobile app featuring Erica amassed more than a million users within two months of its launch.<\/p>\n\n\n\n If you ask Erica about your credit score, she will provide you with a detailed report and a personalized video that will teach you more about your money habits and how to improve them. Moreover, she gives security tips and notifies users if suspicious activity is spotted on their mobile banking accounts.<\/p>\n\n\n\n Bank of America mobile banking statistics show that introducing an AI virtual assistant will drive user growth and improve user experience.<\/p>\n\n\n\n In June 2019, Bank of America launched a digital debit card and other improvements to its celebrated mobile banking app. Customers can use this card to shop online, pay in stores, or withdraw cash and make deposits at Bank of America ATMs.<\/p>\n\n\n\n Bank of America e-banking is known for its outstanding cybersecurity team that delivers comprehensive security 24\/7, continuously monitoring transactions for suspicious activity. Mobile banking statistics show that customers are pleased with the bank\u2019s app and how it protects their data.<\/p>\n\n\n\n The near-universal presence of mobile devices has made banking far less tedious than it was in the days of queueing up at the local branch during your lunch hour. As you\u2019d expect, the rapidly increasing number of mobile consumers has also fueled the growth of mobile international payment services.<\/p>\n\n\n\n But consumers still hold the key. Here are some mobile banking penetration statistics that show how mobile users have reacted<\/a> to this change in payment systems.<\/p>\n\n\n\n It\u2019s clear by now that mobile devices dictate our lives.<\/p>\n\n\n\n Mobile app usage statistics show that the average person checks their phone 63 times daily, including mobile banking. Statistics show that more than two-thirds of the world’s population use a mobile phone. If world mobile banking statistics are to be trusted, we can expect these numbers to continue rising.<\/p>\n\n\n\n A Square survey questioned 1,000 consumers aged 18-34 to learn more about mobile banking trends. The findings showed that nearly half of the millennials had made a contactless payment with a mobile device, while mobile banking statistics on usage show that only 26% of older people have done the same.<\/p>\n\n\n\n But researchers have concluded that such a high adoption rate among millennials indicates where the future of US mobile banking is headed. Experts predict that mobile payments will grow at a compound annual growth rate of 29.0% between 2020 and 2027, expected to reach $8.94 trillion by 2027.<\/p>\n\n\n\n Square\u2019s mobile banking USA statistics show that 77% of surveyed consumers who have not used this method of payment list security as their primary reason. This is why researchers have concluded that marketing campaigns focused on mobile banking apps’ security features could drive up future adoption.<\/p>\n\n\n\n Mobile devices are becoming more popular for online shopping<\/a>. Just look at Black Friday sales, when nearly 40% of all purchases were made using mobile devices.<\/p>\n\n\n\n How many people bank online? Given how many people shop on their phones, it\u2019s no surprise that mobile banking app statistics show a steady increase in users. 80% of shoppers have looked up product reviews and compare prices before purchasing the product in a physical store.<\/p>\n\n\n\n Nevertheless, statistics on mobile banking say that many customers – especially older ones – appreciate the brick-and-mortar experience, and a substantial share of the public still needs to be more trusting of mobile banking shopping.<\/p>\n\n\n\n According to Visa, Europeans aged 55-64 use mobile banking features more often than their US counterparts. <\/p>\n\n\n\n And among Europeans, residents of the United Kingdom lead the way; coming second is France accounting for 17.9%, and Germany, at 16.7%. Mobile banking usage statistics in the UK show that 74% of the country\u2019s residents use smartphone devices and mobile banking apps to manage their finances.<\/p>\n\n\n\n Mobile banking features are becoming increasingly popular, but it still isn\u2019t as mainstream as expected. The latest trends in mobile banking point out that there\u2019s no added value in the form of special incentives from banking institutions. The infrastructure required to enable mobile payments is still evolving. Most importantly, the ever-present threat of fraud and data breaches at banks and credit card companies further fuels consumer anxieties.<\/p>\n\n\n\n Technological advancements have transformed the mobile banking marketplace and changed the way people bank for the better. But with the convenience comes heightened threat levels. Hackers track cashless and seamless payments, which means the security of your data – and your money – ultimately depends on the level of defense your bank employs.<\/p>\n\n\n\n The following mobile banking statistics on frauds make both financial institutions and customers anxious about any digital conversions and with good reason.<\/p>\n\n\n\n Mobile commerce is a subset of eCommerce. Many people claim it is the future, and with good reason. With just a few taps on their mobile devices, consumers can enjoy the benefits of mobile banking.<\/p>\n\n\n\n Global mobile banking statistics show that mobile eCommerce makes up almost half of all online retail purchases.<\/p>\n\n\n\n Unfortunately, the mobile banking ecosystem is not regulated and monitored the way it\u2019s supposed to be. Mobile devices are becoming a prime target for fraud, which could stop consumers from becoming a part of this positive change.<\/p>\n\n\n\n Mobile app fraud soared between 2015 and 2018. A study by RSA showed that mobile apps were the source of 39% of fraudulent online transactions<\/a> in 2018, up from 5% in 2015. Overall, mobile banking statistics from the USA show that the occurrence of fraudulent transactions originating from mobile apps grew an astonishing 600% during this period.<\/p>\n\n\n\n Mobile banking technology trends show that fraudsters use social media to share information and advertise their virtual stores where they sell stolen data. RSA advises consumers to be wary of responding to unexpected emails and avoid any messages from apparently \u201clegitimate organizations\u201d on social media platforms.<\/p>\n\n\n\n Globally, worldwide mobile banking statistics reveal that fraudulent activities flourish across all devices and regions. Most attacks come from Trojan horses, financial malware, brand abuse, or corrupted mobile browsers<\/a>.<\/p>\n\n\n\n These mobile banking trends are a warning sign for all financial institutions to step up their game. One suggestion is to improve the customer authentication process<\/a>, reducing the number of accounts. It would also minimize the escalation of this type of attack across digital payment channels.<\/p>\n\n\n\n This type of fraud is rising, and businesses and banks are in the crosshairs. Fraudsters seize control of accounts daily; these takeovers account for 89% of digital fraud losses.<\/p>\n\n\n\n Bank accounts are protected with a unique username and password, but more is needed. Mobile banking security statistics show that these credentials are frequently stolen, with hackers\u2019 methods becoming increasingly sophisticated. The parallel growth of the dark web marketplace where these details are sold is spreading fear among consumers worldwide.<\/p>\n\n\n\n Experts suggest that the customers of most popular banks in the USA use two-factor or multi-factor authentication to reduce the risk of an account takeover. Besides weak authentication systems, fraudsters can use fake websites, corrupt apps, or steal a phone. Consumers must be careful and make sure they create hurdles for cyber criminals trying to crack their bank accounts.<\/p>\n\n\n\n Financial malware constantly evolves, and mobile banking trends show that Trojans remain the most dangerous and common threat. Fraudsters use fake websites and spam emails to steal users\u2019 details. Unfortunately, these methods are still incredibly successful.<\/p>\n\n\n\n Online and mobile banking statistics show that fraud originating from malware accounts for 16% of attacks. Even though it\u2019s showing some signs of decline, financial malware continues to evolve, with strategies like ransomware proving disturbingly successful. Fraudsters who fail to steal your credentials might instead encrypt them and demand a ransom. <\/p>\n\n\n\n Unfortunately, no switch can be flicked to erase mobile fraud. Since a person\u2019s device acts as their online identity, users must pay attention to their mobile security. Fraudsters keep abreast of the latest trends; a unique email address and password are not enough to stop them at the gates.<\/p>\n\n\n\n Mobile banking fraud statistics indicate that fingerprinting solutions could reduce at least a portion of the 34% of attacks from trusted accounts.<\/p>\n\n\n\n By and large, phishing leads the pack regarding the number of cyberattacks<\/a> on mobile banking apps. The main issue with these attacks is that they\u2019re getting harder to stop as they become more sophisticated.<\/p>\n\n\n\n This remains the most common type of fraudulent attack. Indeed, RSA\u2019s statistics on mobile banking show that phishing accounted for 60% of cyberattacks in Q4 of 2019.<\/a> These attacks are performed through fraudulent email accounts or links directing users to a fraudulent website.<\/p>\n\n\n\n2. Citi Mobile, Bank of America mobile banking, and Chase mobile are the best mobile banking apps as of March 2023.<\/strong><\/h4>\n\n\n\n
3. In 2019, Bank of America introduced an AI-driven chatbot with credit card debt reduction insights and card security updates.<\/strong><\/h4>\n\n\n\n
4. Bank of America continues to be an industry leader, with 30 million active users of its mobile banking app and more than 40 million online banking customers.<\/strong><\/h4>\n\n\n\n
Mobile Payment Usage<\/strong><\/h3>\n\n\n\n
5. In January 2023, there were 5.44 billion unique mobile users worldwide.<\/strong><\/h4>\n\n\n\n
6. The total value of mobile device payments reached $1 trillion in 2023.<\/strong><\/h4>\n\n\n\n
7. 79% of smartphone owners have used their devices for online purchases in the past six months.<\/strong><\/h4>\n\n\n\n
8. Mobile banking UK statistics reveal that this country is the European leader in mobile payments, with 22.6% of European online spending as of 2023.<\/strong><\/h4>\n\n\n\n
9. Security and fraud are the biggest problems for those who want to make regular mobile payments.<\/strong><\/h4>\n\n\n\n
Fraud in Mobile Banking<\/strong><\/h3>\n\n\n\n
10. Mobile eCommerce will account for 47% of all retail sales online in 2023, up from 41.8% in 2022.<\/strong><\/h4>\n\n\n\n
11. Mobile app fraud transactions increased by over 600% from 2015 to 2018.<\/strong><\/h4>\n\n\n\n
12. Three of every five fraud transactions originated from a mobile browser.<\/strong><\/h4>\n\n\n\n
13. Account takeovers are the source of 89% of digital fraud losses.<\/strong><\/h4>\n\n\n\n
14. Mobile banking US statistics reveal that 16% of all digital fraud originates from Trojan horses or financial malware accounts.<\/strong><\/h4>\n\n\n\n
15. In 34% of cases, fraud occurs on a confirmed account on the user\u2019s device, indicating that physically stealing devices are a common way for hackers to penetrate victims\u2019 defenses.<\/strong><\/h4>\n\n\n\n
16. Phishing was behind 90% of data breaches that occurred in 2022.<\/strong><\/h4>\n\n\n\n