With research suggesting mobile banking usage is set to soar to 79% in the US by 2029, a new study has revealed which states are leading in mobile banking interest – but also highlighting the growing risk of cyberthreats that come with it.
The study, conducted by software development company Vention, utilised Google Keyword Planner to analyse the nationwide Google search volume behind various keywords related to mobile banking – including “mobile banking”, “mobile banking app”, and “best mobile banking app” – to identify which states are most engaged with this financial technology.
This search volume was then scaled against each state’s population to ensure fair comparisons and determine where the search for mobile banking tools is the most proloific – and which states aren’t as interested.
In recent years, mobile banking has rapidly gained popularity driven by its convenience and accessibility. In fact, a recent survey conducted by MarketWatch found that nearly 75% of people prefer mobile and online banking over in-person banking.
However, as mobile banking adoption continues to surge, the financial services industry must stay vigilant to prevent consumers from falling victim to cyberattacks and fraud. A recent study revealed that the sector experienced a staggering 744 data breaches in 2023, marking a concerning 177% increase in cyberattacks compared to 2022.
The financial services sector experienced the second-highest number of data breaches in 2023 surpassing nearly all other industries. Additionally, the sector witnessed the second-largest surge in cyberattacks from 2022 to 2023 compared to other industries.
This highlights the urgent need for stronger cybersecurity measures across the industry to safeguard the growing number of users turning to tech-savvy methods for managing their finances.