Mobile banking usage increases in 2013: Federal Reserve

Consumers are increasing their use of mobile phones to access a bank account, credit card, or other financial account in the US in 2013, according to a report by the Federal Reserve Board.

Consumers are increasing their use of mobile phones to access a bank account, credit card, or other financial account in the US in 2013, according to a report by the Federal Reserve Board.

The report titled ‘Survey of Consumers’ Use of Mobile Financial Services’ was conducted over 2,600 respondents on behalf of the Board by GfK, an online consumer research firm.

The report revealed that 33% of all mobile phone users and 51% of smartphone users had used mobile banking last year, which corresponds to an increase from 28% in December 2012 for mobile phone users and 48% for smartphone users.

According to the report, last year 17% of smartphone owners, representing 9% of the US adult population, have used their phone to make a purchase at a retail store.

About 44% of the smartphone owners had used their phone to compare prices while 42% had used their phones to browse product reviews in store, the report said.

Additionally, 38% of mobile banking users have deposited a cheque with their phone last year by taking pictures using the phone’s camera.

The report also showed that the use of mobile financial services is particularly prevalent among the 17% of the population that is underbanked.

Among the 88% of underbanked consumers with mobile phones, 39% have used mobile banking last year.

Furthermore, the report suggests that mobile phones will allow for the extension of financial services to an additional 10% of the population that is unbanked.