Mobile banking soars above online banking

With mobile banking usage set to soar, a new study has revealed which states are leading the way, with Florida emerging as the most financially tech-savvy state.  

The study, conducted by software development company Vention, utilized Google Keyword Planner to analyze 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.  

Mobile banking soars above online banking

This search volume was then scaled against each state's population to ensure fair comparisons and determine where is searching for mobile banking the most - and which states aren't as interested.

In recent years, mobile banking has rapidly gained popularity, driven by the convenience and accessibility it offers. A recent survey conducted by MarketWatch found that nearly 75% of people prefer mobile and online banking over in-person banking.  

Florida claims the top spot with the highest interest in mobile banking, which is unsurprising given its diverse and tech-savvy population. As America's mobile banking hotspot, Florida boasts the highest average monthly search volume of 7,983 searches for online-banking related terms per 100,000 residents.   

In second place, the state of Connecticut had a monthly search average of 6,418 per 100,000 residents, revealing that a significant portion of its population prefers managing their finances through mobile apps. According to the study, Connecticut’s most searched-for bank was Bank of America, with over 52,000 monthly searches. 

Ranking in third place, New Jersey had an average of 6,020 monthly searches per 100,000 residents, indicating a strong preference for mobile banking among its residents. In total, New Jersey residents searched for mobile banking-related terms a staggering 559,342 times per month.  

The state of Maryland is closely behind in fourth place in the ranking, with 5,953 monthly searches per 100,000 people - just 67 searches fewer than New Jersey. In total, Maryland residents searched for mobile banking-related terms a huge 367,908 times per month. 

In fifth place, with a huge 5,928 monthly searches per 100,000 residents, Arizona has been revealed as another state that is clearly utilizing mobile banking. Interestingly, Arizona residents' most-searched-for bank was Wells Fargo, with a staggering 127,713 searches per month on average in the state. 

Massachusetts takes the sixth spot with 5,861 monthly searches per 100,000 residents, showcasing the state's inclination towards digital banking solutions. In total, residents made over 400,000 online banking-related searches per month.  

California, known for its tech-savvy population, ranks seventh with 5,489 monthly searches per 100,000 residents, indicating widespread use of mobile banking apps. Notably, the top search term in California was ‘Chase login’, with more than half a million searches per month, indicating that residents favor Chase Bank over other banks. 

Virginia secures the eighth position with 5,458 searches per 100,000 residents each month, showing a strong interest in mobile banking among Virginians. Each month, residents searched for mobile banking-related terms a whopping 475,720 times on average. 

Delaware follows closely behind in ninth place with an average of 5,344 monthly searches per 100,000 residents. Rounding out the top ten, North Carolina had 5,324 monthly searches per 100,000 residents, demonstrating a notable interest in mobile banking within the state.

States using mobile banking the most

At the other end of the scale, the states with the lowest engagement in mobile banking have also been identified, revealing a stark contrast to the top performers.  

Oklahoma has been revealed as the state using mobile banking the least, with an average of just 1,801 monthly searches per 100,000 residents. This equates to just 73,021 total searches for online banking-related terms per month, which suggests that many Oklahomans may still prefer traditional banking methods over mobile banking solutions.  

North Dakota followed closely behind, placing second from bottom, with just 1,881 searches per 100,000 residents. This indicates that North Dakota has yet to adopt mobile banking as extensively as other states. According to the study, North Dakota’s bank of choice is Capital One, with 3,817 searches for ‘Capital One login’ each month on average. 

In Kansas, the average monthly search volume is merely 1,893 per 100,000 residents, placing it third from the bottom. Despite its central location, Kansas residents seem less inclined to adopt mobile banking. Interestingly, Capital One is also Kansas’ bank of choice, with nearly 14,000 searches for their login page per month. 

Kentucky is the fourth least banking-savvy state, with 1,917 searches per 100,000 residents, indicating a similar trend of lower engagement with mobile banking technology. In total residents searched for mobile banking-related terms an average of 86,746 times per month. 

Mississippi, with 2,054 searches per 100,000 residents, and Iowa, with 2,061 searches per 100,000 residents, rank in fifth and sixth place, respectively. They show moderate but still relatively low levels of interest in mobile banking. Notably, Mississippi residents seem to prefer Capital One Bank, while Iowans favor Wells Fargo, with 13,518 and 16,046 average monthly searches respectively. 

Arkansas ranks seventh from the bottom, with only 2,067 monthly searches per 100,000 residents. The state's rural demographic might contribute to this lower engagement rate.  

Nebraska and Missouri have slightly higher averages, with 2,401 and 2,403 searches per 100,000 residents, respectively, ranking them eighth and ninth from bottom. These states show a gradual increase in interest but still need to catch up to the national average.  

Utah rounds out the bottom ten with a more respectable 2,480 searches per 100,000 residents. Although it has the highest search volume among the bottom ten, it remains significantly lower than the top states when compared to its population. Utah is another state that favors Wells Fargo, with a total monthly search volume of 27,285 for the bank.

States using mobile banking the least

Commenting on the findings, Marc Karasu, CMO at Vention, said, "It's fascinating to see which states are adopting the latest trends in banking technology more quickly and which are lagging."

What’s more, mobile banking popularity is set to keep rising, with research predicting that over 79% of the population will be using online banking by 2029.  

"Studies such as these are invaluable for the banking industry to identify where they need to focus their marketing efforts. Additionally, it highlights the states that could benefit from increased financial technology education and support."