Florida is the US state already using mobile banking the most, while many Oklahomans may still prefer traditional banking methods over mobile banking solutions.
The study, conducted by software development company Vention, predicted that mobile banking popularity in the United States will keep rising in the nearest future so that over 79% of the US population will be using online banking services by 2029.
The research also used Google Keyword Planner to identify which US states are most engaged with mobile banking and which regions might need more marketing activities to promote such services. Vention team analyzed the nationwide Google search volume of various keywords related to mobile banking, e.g. ‘mobile banking,’ ‘mobile banking app,’ or ‘best mobile banking app’.
It appeared that Florida has the highest interest in mobile banking, with the highest average monthly search volume for online banking-related terms per 100,000 residents (7,983 searches).
Connecticut displayed a monthly search average of 6,418. The state’s most searched-for bank was Bank of America, with over 52,000 monthly searches.
New Jersey showed an average of 6,020 monthly searches per 100,000 residents. In total, the state residents searched for mobile banking-related terms 559,342 times per month.
California ranks seventh with 5,489 monthly searches per 100,000 residents. The top related search term here was ‘Chase login’, with more than half a million searches per month, indicating residents’ preference for Chase Bank over other financial institutions.
Utah rounds out the bottom ten with 2,480 searches per 100,000 residents. This state favors Wells Fargo, with a total monthly search volume of 27,285 for the bank-related information.
Oklahoma appeared as the state using mobile banking the least, with an average of 1,801 monthly searches per 100,000 residents and 73,021 total searches for online banking-related terms per month.
Mobile banking in the US has seen a remarkable surge in popularity over the last decade as consumers increasingly value its convenience and efficiency. At JPMorgan Chase, for instance, the number of active mobile customers tripled between 2013 and 2023.
According to Statista, the generation with the highest mobile banking adoption in the United States is millennials, followed by Gen X. In 2022, 62.3 million millennials were active mobile banking users. However, the sharpest increase in mobile banking adoption is expected from Gen Z (born between 1997 and 2012). It is forecast to reach 47.8 million in 2026.
One of the most progressive countries in the world, the US, oddly is lagging behind emerging economies when it comes to payment innovations. Besides the comparatively slow adoption of mobile banking tools, you might be also wondering Why Is the US Slow to Adopt Instant Payments?
