Mobile banking in the U.S.- statistics & facts

What is mobile banking?

Mobile banking involves using a mobile device to carry out financial transactions. For instance, clients may pay bills or transfer money between accounts using their bank’s app on their smartphone or tablet, which is one of the most common or preferred mobile banking activities in the United States, together with checking account balance. As with most digital developments, the usage is more widespread among the younger generations, but adoption has been increasing in across all age groups, particularly in the last two years due to the COVID-19 pandemic.

The importance of mobile banking

Providing good mobile banking services is important for banks to reach their customers. The four largest banks headquartered in the United States – JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup – all have several millions of active mobile banking customers. According to a recent survey, the two main reasons for switching financial institution among U.S. customers was the access to mobile and online banking. Several new digital-only challengers, banks, or financial services providers also entered the U.S. market during the last decade, increasing the competition for flexible and easy banking, especially among the younger generations.

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