The online banking industry is growing rapidly, and with it, the need for accurate and up-to-date statistics. In this blog post, we’ll take a look at some of the most important online banking industry statistics, including the number of online banking users, the amount of money being transferred online, and the growth of mobile banking.
We’ll also discuss the implications of these statistics for the future of the online banking industry. By the end of this post, you’ll have a better understanding of the current state of the online banking industry and the trends that are likely to shape its future.
Online Banking Industry: The Most Important Statistics
Online banking fraud losses in the UK reached 159.7 million British pounds in 2020, showing an increase in the frequency of frauds.
90% of US mobile banking app users checked their account balance in 2019, and 79% used it to view recent transactions.
Online Banking Industry Statistics Overview
Online banking is the most popular form of banking in Asia, with over 805 million users in 2022.
Online banking penetration rate in Norway is 96%, the highest in the world.
Online banking fraud losses in the UK reached 159.7 million British pounds in 2020, showing an increase in the frequency of frauds.
84% of participants in a 2017 UK survey believe that their online banks’ authentication methods work, which is important as it shows that customers have confidence in the security measures taken by banks to protect their accounts.
The usage of digital banking services varies significantly amongst different age groups, with millennials having a higher usage rate (80%) than baby boomers (48.5%).
Thus, targeting different age groups in order to maximize usage of digital banking services is important.
Age is a key determinant in preference between online banking and traditional brick-and-mortar banking, with younger people preferring online services and older age groups preferring in-person banking.
Mobile banking apps are the most popular option for accessing online banking services among younger age groups, with 48% of 18-24 year olds using them weekly or more, compared to only 11% of those 65 or older.
Mobile banking apps are the preferred method of accessing online banking services among younger generations, and banks should therefore focus on developing and improving their mobile banking apps to ensure they remain competitive.
90% of US mobile banking app users checked their account balance in 2019, and 79% used it to view recent transactions.
Digital interactions in banking have increased by 50% compared to pre-pandemic levels. Customers are also open to the idea of using financial products or services from Big Tech companies, which could lead to increased competition in the online banking industry.
Conclusion
In conclusion, the online banking industry is growing rapidly and is expected to continue to do so in the coming years. With the increasing number of customers using online banking services, it is important for financial institutions to stay ahead of the curve and keep up with the latest trends and developments in the industry.
By understanding the current industry statistics, financial institutions can better prepare for the future and ensure that they are providing the best services possible for their customers.
References
1 – https://www.statista.com/statistics/1228757/online-banking-users-worldwide/
2 – https://www.statista.com/forecasts/1169529/online-banking-penetration-by-country
3 – https://www.statista.com/statistics/326169/united-kingdom-uk-online-banking-losses/
4 – https://www.statista.com/statistics/786610/online-banking-authentication-security-perception-united-kingdom/
5 – https://www.bankrate.com/banking/digital-banking-trends-and-statistics/#:~:text=Nearly%20two%2Dthirds%20(65.3%20percent,by%204%20percent%20since%202018.
6 – https://safeatlast.co/blog/online-banking-statistics/
7 – https://www.statista.com/statistics/934467/frequency-mobile-banking-app-use-usa/
8 – https://www.statista.com/statistics/934476/reasons-for-using-mobile-banking-apps-usa/
9 – https://newsroom.accenture.com/news/rapid-shift-to-digital-banking-during-covid-19-accelerating-erosion-in-consumer-trust-accenture-report-finds.htm
