Mobile Banking Skyrockets Up to 85 Percent in Some Global Markets

2019 was a banner year for mobile banking with finance apps accessed more than one trillion times and registrations growing 71 percent according to a new report by Liftoff and App Annie; the onset of the coronavirus ha shelled push consumers to apps even faster in 2020 with rates growing between 35 and 85 percent across various global markets; “Consumers are turning to finance apps at record levels amidst volatility in the market and uncertainty over the economy,” the Liftoff representative said to Forbes; the U.S. saw a 35 percent increase in time spent on apps while Japan and South Korea saw growth reach 85 percent; Cash App, Zelle and Venmo were responsible for the biggest growth in the U.S.; another encouraging trend saw costs for getting an app install dropped by 76 percent while registrations rose by 71 percent, showing it is becoming more efficient to acquire customers in this a channel. Forbes