At the time, online banking customers accounted for 20% of its total client base. What makes them different from traditional banking institutions is that they usually have no physical branches. Learn about mobile app download and usage statistics in 2020 to better understand how you can develop or improve your mobile app for your users. Unsurprisingly, mobile app usage is becoming more popular, having grown from 15% in 2014 to 39% in 2019 (which is twice the rate of mobile web usage). The percentage of online banking users keeps growing. In 2018, around 50% of the global banked population were mobile banking users. Method for banking can vary. There is no doubt that the internet revolution and technological advancements have made our lives easier in many ways. The Google Play Store downloads grew by 31%, while the Apple App Store had just a 2.5% growth rate. Whether you call them digital-only, online-only, internet banks, or neobanks, a new kind of bank is becoming popular. Your email address will not be published. Indeed, 2019 is set to see mobile eclipse desktop as the preferred platform for banking. The report said that 61% of people use their mobile phone to carry out banking activity, with 48% using a dedicated banking app. Here are a few interesting facts and stats that shed some light on the issue: The advantages of mobile banking have become more visible with the increase in smartphone adoption. In order to keep up with growing demands of digitally-savvy millennials and Gen Zers, both digital and legacy banks must continue adapting to mobile market trends to remain relevant. Based on financial industry facts, this was one of the worst cybersecurity breaches ever. While mobile phones have been prevalent in the U.S. for the past decade, smartphone adoption has grown rapidly in recent years. Consumer use of mobile banking applications is accelerating at a rapid pace. Since 2014, mobile device transactions have increased by 118% – and in the last year alone, the percentage of transactions done via a mobile device shot up from 28% to 61%. This issue is reflected in statistics. The Navy Federal Credit Union (NFCU) ranked first for its money management features which include t. he ability to view recurring charges, access to a financial wellness score, the ability to view spending within date ranges, and the ability to set spending limits on a credit or debit card. We talked to Wells Fargo execs about its blockchain and Plaid data-sharing push. Trends in mobile banking use . The top five competitors in the banking industry include: Even though CitiBank ranked first overall for its mobile-banking features, Wells Fargo took the top spot for a second year in a row in the security and controls category. Inertia and security concerns prevent consumers from using mobile banking. Key mobile banking statistics. Transferring money from one account to another by simply tapping a button, and depositing a check by taking a picture of it, are just two common mobile banking features that banks are providing to customers. Mobile banking is saving us 'billions' in charges. For 70% of them, mobile banking is the primary way of managing accounts. The next mobile banking trend offers a quick and easy way for consumers to get back on track with their finances. A former WeWork executive who made $300,000 and is now suing describes strange cult-like culture, including endless flows of alcohol at mandatory sleepover camp for employees and the CEO's children on his lap during an all-hands meeting. With the development of online and mobile banking came the freedom and convenience of being able to manage your funds whenever and wherever you want. Fraud and other crimes have never been a rarity in the banking industry, and the same goes for banking in the digital age. 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