Just a decade ago, the idea of opening a bank account from a smartphone felt like a futuristic convenience afforded to the few who were able to purchase the latest devices. However these days the world has since crossed a tipping point where mobile isn’t just an extra feature for some in banks but a basic expectation on all institutions.
Among the leading companies that have been a prominent figure in making digital and banking synonymous has been Black Banx. In the first quarter of 2025 alone, the Toronto-based global digital banking company had welcomed over 9 million new customers, jumping from a total 69 million to 78 million users that are being served across more than 180 countries.
This growth, and what is expected to follow for the rest of the year, is indicative of how mobile-first is the present and immediate future of finance.
The Rapid Rise of Mobile-Only Banking
Traditional banking was evidently built for a different time. One that relied on paper forms, physical branches, and long waits. For years, even online banking often meant clunky web portals and a desktop computer. Fortunately, the continued emergence of new technologies has allowed for some substantial change.
According to the 2024 American Bankers Association, 71% of consumers now prefer managing their finances via mobile apps or online platforms. And this is seemingly more of a need than a mere want, as 91% of respondents in Motley Fool Money’s 2024 Digital Banking Trends report said digital banking is now a critical factor in choosing a financial provider.
In other words, convenience has become a baseline expectation, one which the likes of Black Banx aims to fulfill and more.
How Black Banx Built a Mobile-First Model
Fundamentally, Black Banx is a global digital banking company, with its real strength in how it operates. From day one, it designed its infrastructure for a borderless, mobile-only world, way before many traditional institutions had even considered phasing out paper-based processes.
- Instant Onboarding: No minimum deposits. No in-person appointments. Just a valid ID and a smartphone. Black Banx’s onboarding process takes minutes—even for those in regions traditionally underserved by financial services.
- Multi-Currency and Crypto Support: Users can open accounts in 28 FIAT currencies and transact in cryptocurrencies like Bitcoin, Ethereum, Solana, and more.
- AI-Driven Efficiency: By integrating AI into fraud detection, customer service, and compliance, the bank reduced its cost/income ratio to 63% in Q1 2025, a steep drop from 89% in 2023—proof of just how lean and effective a mobile-first model can be.
And Black Banx results continues to speak volumes of how effective its methods are. In just the first quarter of 2025, Black Banx reported US$2.1 billion in revenue and a record US$1.6 billion in pre-tax profit, up significantly from US$639 million in Q1 2024.
The Smartphone: The Vital Piece to Banking Accessibility
The idea that mobile banking is simply “convenient” doesn’t go far enough. For many, it’s what ultimately allows them to enjoy online financial services altogether.
In underserved regions such as Sub-Saharan Africa or Southeast Asia, smartphones are often the only link to the internet: making mobile-first banking not just helpful, but transformational. In fact, Black Banx reported a 32% rise in SME clients from Africa and the Middle East in 2024, driven largely by mobile accessibility.
This shift has enabled real-world scenarios like:
- A freelancer in rural Nigeria getting paid instantly by clients abroad
- A digital nomad in Brazil managing multiple currencies with ease
- A migrant in Europe handling finances securely even when they have yet to generate local documentation
Beyond convenience, there is also inclusion.
Speed and Accessibility in Hand
Desktop banking obviously isn’t gone. But just like traditional banking, it’s far from the default.
Mobile platforms like Black Banx now offer features that desktops simply can’t match in terms of speed and accessibility:
- Biometric logins (like Face ID and fingerprint scans)
- Push notifications for real-time financial tracking
- In-app customer service, often powered by AI
- One-tap international transfers, with low fees and fast execution
The APY Advantage: Earning More, Globally
The shift to mobile is also reshaping how people grow their wealth. Traditional banks, still tethered to legacy systems and national regulations, tend to offer dismal APYs—think 0.01% to 0.10% in most savings accounts.
In contrast, digital banks like Black Banx can leverage borderless access to international markets, offering users far more competitive rates through:
- Multi-Currency Flexibility: Users can move funds between stronger global currencies, earning more while hedging against local inflation.
- Crypto-Based Savings: With integrated crypto wallets, customers can choose to earn on assets like Bitcoin or Ethereum—where APYs can range between 4% and 12% depending on market conditions.
- AI-Enhanced Personalization: Black Banx uses machine learning to help customers make smarter savings decisions—suggesting where to park funds for the best return.
This is particularly valuable for young adults and small business owners. In fact, according to research by CoinLaw, 78% of 18–34-year-olds now use mobile banking as their primary financial tool and many are seeing passive growth through tools like:
- Automated savings
- Interest-bearing crypto wallets
- Multi-currency allocation
Banking the Unbanked
Among the more overlooked effects of mobile-first banking is how it democratizes access to financial systems.
Globally, 1.4 billion people remain unbanked, according to the World Bank. Many don’t have access to physical banks, or even desktop computers. Smartphones, on the other hand, are often widely available even in the most remote regions.
By eliminating the need for physical infrastructure, Black Banx has opened the door to millions of users who were previously excluded. And with a goal of 100 million customers by the end of 2025, the company is pushing even deeper into decentralized finance (DeFi), AI-driven tools, and crypto-backed lending—all accessible via mobile.
A Global Banking Shift.
In the same way smartphones replaced landlines and streaming services replaced DVDs, mobile-first banking is replacing the tedious old ways of banking. Along with being more accessible, it’s more efficient, more profitable, and more aligned with how the world actually lives and works.
Black Banx’s continued success and expansion is a working example of this global realignment in financial behavior. From Toronto to Lagos, Manila to Berlin, people are choosing banks that fit into their pockets so they can manage their finances from anywhere at any time.
