Mobile banking has overtaken desktop banking for the first time. Annual figures are from the largest 3 US retail banks: Wells Fargo, Chase and Bank of America.

Mobile banking accounted for 53% of total online activity amongst the 3 banks, according to 2014 figures compiled by BI Intelligence. JP Morgan reported a 22% increase in mobile banking use to 19.1m customers. Bank of America recorded a 15% increase to 16.5m users. Wells Fargo’s mobile base increased to 14.1m customers, up 19%.

The report states: "Migration to mobile banking is a huge opportunity for smaller banks and credit unions that don’t have the resources to compete with larger banks on metrics like staff per-customer and branch locations per-customer. A good mobile banking app is an inexpensive way to provide customers with many services that would otherwise require going to the bank and interacting with a representative."