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10 interesting stats on mobile banking popularity, benefits and pain-points

By [x]cube LABS
Published: May 09 2014

Smartphone, Tablets and apps have changed the way people bank. For the banks, mobile banking brings a range of benefits; right from reducing costs, achieving greater customer satisfaction to bringing more customers into their fold. However, there are still issues facing banking organizations. This stats sheet provides you 10 interesting insights on the popularity of mobile banking, its potential in bringing more business to banks and highlights major pain-points for the banks to address.

1. Mobile banking is gaining significant traction.
U.S. adults bank using their mobile phones. Source : PewResearch

2. Banking on Tablets too.
Of the top 25 financial institutions offer an Apple iPad app. Source : Javelin Strategy & Research

3. Mobile is the new branch.
Mobile bankers say that digital banking is sufficient for their needs, replacing the branch. Source : Javelin Strategy & Research

4. Mobile attracts customers.
Customers think mobile banking services were either ‘Important’ or ‘Extremely important’ in their decision to switch bank accounts. Source : AlixPartners

5. Mobile means less costs.
The average cost of a mobile transaction whereas average cost of an ATM transaction is $1.25. Source : Javelin Strategy

6. mBanking brings more business.
Of all the deposits that consumers make at BofA are now done through mobile devices. Source : BofA

7. Mobile means more customer convenience.
Of the top 25 U.S. retail banks and credit unions as per deposit size offered mobile check deposits in 2013. Source : Javelin Strategy

8. User-friendliness is an issue.
Customers don’t use an app due to app being too confusing or not having enough features. Source : CFI group

9. Customers need trust.
Customers are not comfortable with the security mechanism in their app. Source : CFI group

10. Mobile apps need to be secured.
Mobile banking apps from top banks have serious security vulnerabilities. Source : IOActive Labs Research