By Roy Urrico
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Finopotamus aims to highlight white papers, surveys, commentary and reports that provide a glimpse as to what is taking place and/or impacting credit unions and other organizations in the financial services industry.
With mobile banking usage increasing, a new study conducted by New York City-based software development company Vention identified the states most engaged with this digital technology. Florida emerged as what the Vention report calls the “most tech-savvy state.”
Vention utilized Google Keyword Planner to analyze the national search volume behind various keywords related to mobile banking — including “mobile banking,” “mobile banking app,” and “best mobile banking app” over the past 12 months. The data was then divided by each state’s population and multiplied by 100,000 to normalize the data into average monthly searches. This average search volume data was used to rank each state by its interest and usage of mobile banking.
"It's fascinating to see which states are adopting the latest trends in banking technology more quickly and which are lagging,” commented Marc Karasu, chief marketing officer at Vention. He added, “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.”
The State of Mobile Banking
In recent years, mobile banking has rapidly gained popularity, driven by the convenience and accessibility it offers, noted Vention. The company also cited a recent survey conducted by MarketWatch that found that nearly 75% of people prefer mobile and online banking over in-person banking.
According to FDIC data, mobile banking is becoming the most popular way for banked households to access their account. Statista's Consumer Insights, reported the share of bank account holders who processed banking matters on their smartphone or tablet was 63% in the first quarter of 2024, five percentage points more than in the first half of 2019.
States Seeking Mobile Banking the Most
The Vention study found the top ten states for mobile banking interest were:
Florida. The Sunshine State had the highest average monthly search volume of 7,983 searches for online-banking related terms per 100,000 residents. The state had 1,804,928 keyword searches monthly.
Connecticut. A monthly search average of 6,418 per 100,000 residents. According to the study, the Nutmeg State’s most searched-for financial institution was Bank of America, with over 52,000 monthly searches. The state had 232,156 keyword searches monthly.
New Jersey. The Garden State had an average of 6,020 monthly searches per 100,000 residents. In total, New Jersey residents searched for mobile banking-related terms 559,342 times per month.
Maryland. 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 367,908 times per month.
Arizona. With a 5,928 monthly searches per 100,000 residents. Arizona residents’ most searched-for financial institution was Wells Fargo, with a 127,713 searches per month on average.
Massachusetts. With 5,861 monthly searches per 100,000 residents. Residents made over 400,000 online banking-related searches per month.
California. With 5,489 monthly searches per 100,000 residents. Notably, the top search term in California was “Chase login,“ with more than half a million searches per month.
Virginia. 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. With an average of 5,344 monthly searches per 100,000 residents.
North Carolina. Had 5,324 monthly searches per 100,000 residents.
States Seeking Mobile Banking the Least
According to the Vention study, the states with the lowest engagement in mobile banking were:
Oklahoma. 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.
North Dakota. With just 1,881 searches per 100,000 residents. 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.
Kansas. The average monthly search volume is 1,893 per 100,000 residents. Capital One is also Kansas’ bank of choice, with nearly 14,000 searches for their login page per month.
Kentucky. With 1,917 searches per 100,000 residents. 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. Mississippi residents seem to prefer Capital One bank, with 13,518 average monthly searches.
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. Iowans favor Wells Fargo, with 16,046 average monthly searches.
Arkansas. With only 2,067 monthly searches per 100,000 residents.
Nebraska. With 2,401 monthly searches per 100,000 residents.
Missouri. With 2,403 searches per 100,000 residents.
Utah. With 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 against its population. Utah also favors Wells Fargo, with a total monthly search volume of 27,285 for the bank.
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