Throughout the past five years, Florida has claimed the top spot of many coveted list, but residents of the Sunshine State won’t be happy to hear that they claimed the #1 ranking for the state most vulnerable to mobile banking cyberattacks.
The study was conducted by Vention, a software development company. Vention used Google’s 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. According to Vention’s research notes, the search volume was then scaled against each state’s population to ensure fair comparisons and determine where is searching for mobile banking tools the most – and which states aren’t as interested.
Data indicates that mobile banking usage is expected to rise significantly across the US, with experts projecting a 79% adoption rate by 2029.
“Florida claims the top spot with the highest interest in mobile banking, which is unsurprising given its diverse and tech-savvy population,” Vention noted in an official statement. “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.”
According to Vention, the financial services industry experienced 744 data breaches in 2023—a staggering 177% increase from 2022—highlighting consumers’ growing risks when accessing their finances online.
With research suggesting mobile banking usage is set to soar to 79% by 2029, a new study has revealed which states are leading in mobile banking interest while also highlighting the growing risk of cyber threats associated with it—Florida tops the ranking.
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.
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.
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