Monthly unique devices of mobile banking reached 326 million units in China, an increase of 10.9% year-on-year. China Construction Bank led this market with 74 million units monthly unique devices. Roughly 80% of users only installed one comprehensive financial management app.
Market penetration of mobile banking was 24.2% in December 2018, with monthly unique devices totaling 326 million units. This market has started its rapid expansion since April 2017 with a net increase of 100 million users within 8 months.
Nevertheless, in the context of strengthened financial supervision as well as more fierce competition from emerging internet giants like WeChat, Alipay, and vertical financial management platforms, its rapid growth pace somehow slowed down.
Overall, it added around 26 million new users in 2018. In the next stage, getting more users engaged by improving user experience and enriching usage scenarios might be the core for growth.
Users have shown a tendency to install more than one mobile banking app. Of the top 10 mobile banking apps, China Construction Bank was way ahead with 74 million units monthly unique devices. Postal Savings Bank of China saw the fastest growth of 57.7%.
Roughly 80% of users only installed one comprehensive financial management app on their smartphones. JD Finance, the finance arm of JD.com, rose abruptly (up 42.8% annually) to be the most popular one with 25 monthly unique devices.
Xiaomi Finance ranked second with 7 million monthly unique devices, an increase of 32.2% year-on-year. The 31-40-year-olds who have already accumulated certain assets represented over 50% of total users.
Online P2P credit loan platforms had narrowed its user reach. The market penetration kept at around 1.1%. 70% of users only installed one app.
The proportion of users installing more than 4 apps declined to 2.7% in December 2018 from 5.9% the prior year period. More than 70% of users were under 36 years of age. Roughly 70% of users lived at first- and second-tier cities.