Traditional banking is slowly becoming a thing of the past as people are opting to switch to digital banking.

With technological advancement, digital banking can now be accessible on a person’s mobile phone.

From transferring money from one bank to another to purchasing a concert ticket online, mobile banking gives wonders to most mobile users. 

Let’s review the statistics on how many people use mobile banking today.

Key Statistics

• Millennials make use of mobile banking the most.
• JPMorgan has the most active mobile banking users, with over 45 million.
• Almost 27% of Americans use mobile banking 
• Mobile banking started before the Android and iPhone era.
• 54% of U.S. consumers have used digital banking tools more in 2020
• More than 70% of mobile banking users use their apps to check their balances.
• Ally is voted as the best mobile US banking app of 2023.
• Mobile banking users will soar to 217 million users by 2025.

How Many People Use Mobile Banking in 2024?

1. The Majority of Mobile Banking Users Are Millennials

Mobile banking has already become a trend and it would not come as a surprise millennials are at the top.

According to an Insider Intelligences Mobile Study focusing on how many people use mobile banking, nearly 97% of millennials use their mobile bank apps daily.

The use of mobile banking is not for all generations but reports state that 91% of GenXers and 79% claimed to use the benefits of mobile banking.

With that in mind, banking firms enhance their apps more to gain speed.

(InsiderIntelligence)

2. JPMorgan’s Chase Wins Most Active Mobile Banking Users

According to Chase’s study, the company had more than 50 million digitally active users and approximately 44 million active mobile bankers.

In addition, reports stated that digital and mobile banking would soar by the start of 2023 due to small business owners and consumers using the app to engage with market participants digitally.

(JPMorgan Chase)

3. More than 20% of Americans Are Switching to Online Banking

Senior Director of Banking Operations at J.D. Power Paul McAdam stated that more than 27% of banking customers in America are using online banking and most of the transactions are done through their phones.

Paul also stated that big financial brands are optimizing banking firms further because 88% of their customers save more business transaction time and 85% are positive with banking firms due to high transparency.

The director also said lives continue to shift digitally, and digital banking is in a primary position to deliver the needed access for mobile finances.

(J.D.Power)

4. Mobile Banking Was Introduced Before the iPhone and Android Even Boomed

Since the internet surfaced and before mobile services were still known, mobile banking was first introduced as SMS banking because it was solely introduced via text messages or SMS.

Because of this, the use of mobile phones is increasing gradually and several banking firms believe that taking advantage of this feat early on will allow them to communicate with their customers.

In addition, feedback from customers was highly encouraged at that time to progress further with the mobile banking wave.

(Finanteq)

5. U.S. Consumers Considered Mobile Banking Since 2020

JP Morgan Chase’s chart reports state that 54% of U.S. consumers downloaded and utilized digital and mobile banking tools due to the pandemic. 

According to the trends, digital and mobile banking tools are expected to continue until 2021. 

Despite the casualties brought by the pandemic, several consumers are still optimistic about using automated pay for their bills and daily needs.

Consumers also shared that it made their lives much easier as it allowed them to pay their bills and communicate with the bank even during the pandemic.

(Chase)

6. The Majority of The Users Use Their App to Check Their Balance

Millennials and Gen Z complete a lot of tasks when using their mobile banking apps.

On the other hand, older generations are unlikely to use their apps to check their balance or transfer money.

Despite the generational differences, key points from statistics have shown that almost all generations use their banking applications to check their balances.

This is because the majority of financial platforms, including banks and credit card lenders, are now offering user-friendly customer services through their mobile phones.

According to the studies, mobile banking is becoming a huge asset for all generations as it provides substantial assistance in financing no matter where they are. 

(CNBC)

7. The Top US Banking App Voted for 2023 Is Detroit-Based Ally

Ally Financial Bank Inc. launched its mobile banking app in 2014.

Despite the setback it faced in the upcoming years, its app became the top pick for mobile banking users this 2023.

Users are allowed to set up their savings and spending buckets that allow them to save their capital for future goals, such as “Emergency Travel” and “Travel Account.”

Ally also has the “Surprise Savings” feat to determine how much money they can afford to save in their bank account. Helpful, right? 

Finally, Ally’s customer service is top-notch as it provides 24/7 assistance to Ally users worldwide.

(Business Insider)

8. US Mobile Banking Users Are Projected to Surge by 2025

Mobile banking in the US is growing rapidly day by day due to the number of business owners and surging opportunities that money can provide.

In 2021, approximately 197 million people were using mobile banking.

That significant number was caused by the surge of online businesses and transactions in the early COVID days. 

With that said, the financing and banking industry is expecting the number of digital banking users to reach up to 217 million by 2025.

(Statistica) 

9. Bank of Scotland Is the World’s First Mobile Banking Application

The Bank of Scotland is a pioneer in mobile banking and is arguably one of the best banking firms in Europe.

In addition, the company was the very first bank to introduce the first banking application for smartphones.

After announcing its mobile banking app in 2007, the Scottish firm provided the first mobile banking application for iPhone users for free in 2009.

In 2011, the company released its first fully functional mobile banking application for iPhone, Android, and Blackberry. 

People are excited to use the new banking app and more than one million were enticed to the banking service for the first six months.

According to the bank, more than €1 billion was transferred through the application as bank users continue to enjoy making transactions with the app.

(Finateq)

10. Digital App Downloads Skyrocketed by 54%, Transcending Over 26 Million

Data from Finbold claims that six European-mobile bank apps topped the downloads for Android and iPhone, accumulating to 26.3 million in 2022.

Furthermore, the year-over-year download it acquired in 2019 increased to more than 40%.

Driven by the rapidly expanding position of the Fintech industry in Europe and mobile banking becoming a notable player during the post-pandemic, banking firms are venturing forth within breaking new records in the finance industry.

Some of the top selected European bank apps in 2022 include:

1. The United Kingdom-based Revolut with 17.24 million downloads during the period
2. Monzo placed second with 3.59 million downloads during the period
3. N26 is next with 1.89 million downloads during the period
4. Starling Bank emerged in fourth with 1.56 million downloads during the period
5. Monese takes fifth spot with 1.01 million downloads during the period
6. Bunq comes last place with 979,892 downloads during the period

(Finbold)

11. India Beats the US in The Highest Number of Digital Banking Users in 2022

India is presumed to have the highest number of digital mobile banking users in 2022, with India having 295.5 million users while the US with 225.4 users. 

With more than 60 million users in the gap, India exhibits a significant gap that separates it from other countries with mobile banking feats.

Indicated below are the top 5 countries with the highest number of digital banking users as of 2022:

1. India with 295.5 million digital banking users as of the survey period
2. US with 225.4 digital banking users as of the survey period
3. Brazil with 72.8 digital banking users as of the survey period
4. Germany with 51.4 digital banking users as of the survey period
5. UK with 44.2 digital banking users as of the survey period

12. Global Mobile Banking Is Projected to Acquire $1.36 Billion by 2028

The growing number of mobile phone users creates a domino effect on the global marketing industry.

According to a market report, the global mobile banking market is expected to close at $1.01 billion by 2023.

With the steady growth of mobile phone users increasing by 1.8% yearly, the reports also mentioned that the global mobile banking industry will achieve a $1.36 market size by 2028. 

As the numbers grow and approximately 1 million new smartphones are used every day, the assumed projections could surpass the numbers.

Conclusion

The evolution of mobile banking provided each user the comfort and ease of access to making quick transactions. 

The statistics of how many people use mobile banking shows how modern banking feats can grow over time and serve as a benchmark for future money practices.

As technology advances, digital mobile banking will glide its way and revolutionize the marketing industry.

Sources

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