![]() ![]() was Chime, which had 5.8 million monthly active users. In 2022, the leading mobile banking service provider in the U.S. At the same time, usage of neobanks increased rapidly in recent years. As of 2022, the largest traditional banks managed to maintain their leading positions, with the banking apps of Capital One, JPMorgan Chase, Bank of America having some of the highest number of banking app downloads. As a result, traditional banks have had to invest in their own mobile banking apps to remain competitive and retain customers. Neobanks have been able to offer customers a seamless and user-friendly mobile banking experience, making it easy for customers to manage their finances on the go. The rise of neobanks has disrupted the traditional banking industry and forced traditional banks to step up their game when it comes to mobile banking services. As of 2021, the share of people with college degree using mobile banking as a primary method to access their bank accounts was twice as high as those with no college and high school diploma. Open a savings account or open a Certificate of Deposit ( see interest rates) and start saving your money. Lastly, the level of education also seems to play a part in the usage of mobile banking. Bank from almost anywhere by phone, tablet or computer and more than 16,000 ATMs and more than 4,700 branches. Households with higher annual incomes were more likely to use mobile banking services than those with lower incomes. There was a similar – though less sharp - tendency based on income. In 2021, 74 percent of individuals aged 15 to 24 reported using mobile banking in the past 12 months, compared to 15 percent of those aged 65 or older. Younger generations are more likely to use mobile banking services than older generations. There seems to be a clear correlation between the usage of mobile banking and age, income, and education level. ![]()
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