July 13th, 2023, Christien Pheby
How often are people using their smartphones to check their bank accounts? Are we anxiously checking our balance every day, do we prefer not to look at all, or are we simply not using our phones for banking at all?
The last question we can answer pretty emphatically: YouGov Global Profiles data shows that, across several markets encompassing Europe, APAC, North America, and MENA, just 11% say they do not use their smartphones for online banking. This increases to 15% in Europe and North America, and falls to 8% in APAC.
Across all markets, seven in ten say they use online banking on their smartphones at least once a week (70%), with a third (34%) saying they do so every day. Just 13% check their online bank balance less frequently. This doesn’t seem to change dramatically based on region, although consumers in APAC are a little less likely to check every day (31%) than consumes in Europe (36%), North America (37%) or the UAE (38%).
“Perhaps there are more interesting deviations if we look at age groups, rather than region”, you might well think. Well: not really.
Both 18-34 year olds (35%) and 35-54 year olds (36%) are close to the global average (34%) when it comes to using their smartphones for banking at least once a day, although the latter are more likely to check at least once a week (18-34: 72%: 35-54: 76%). We can see that over 55s are less keen to check online banking once a day (26%), but over half (56%) do so at least once a week, while a quarter say they don’t use their smartphone for online banking compared to 7% of 18-34s and 9% of 35-54s.
Banks could therefore benefit from educating older customers about how to use online features or apps on smartphones – it might free up time spent serving these customers in branch or on the phone.
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Methodology
YouGov Global Profiles is a globally consistent audience dataset with 1000+ questions across 48 markets. The data is based on continuously collected data from adults aged 16+ years in China and 18+ years in other markets. The sample sizes for YouGov Global Profiles will fluctuate over time, however the minimum sample size is always c.1000. Data from each market uses a nationally representative sample apart from India and UAE, which use urban representative samples, and China, Egypt, Hong Kong, Indonesia, Malaysia, Morocco, Philippines, South Africa, Taiwan, Thailand and Vietnam, which use online representative samples. Learn more about Global Profiles.