Mobile banking use rises in US – FRB

The Federal Reserve Board's (FRB) latest Survey of Consumers' Use of Mobile Financial Services has found that the use of mobile phones to access bank accounts in the US has becomes more prevalent in the last year.

The Federal Reserve Board’s (FRB) latest Survey of Consumers’ Use of Mobile Financial Services has found that the use of mobile phones to access bank accounts in the US has becomes more prevalent in the last year.

The FRB conducted their survey in November 2012.

The findings concluded:

– 28% of all mobile phone users and 48% of smartphone users had used mobile banking in the last 12 months. This is an increase from 21% and 42% respectively;

– The use of mobile phones to make payments increased three fold over 12 months;

– Underbanked consumers are particularly using mobile financial services; with 90% of underbanked consumers with mobile phones 49% had used mobile banking in the past 12 months. This is an increase of 29%;

– Notably, 21% of mobile banking users had deposited a cheque using their phone within the past 12 months.

– In relation to shopping decisions, 42% using their phone to compare prices and 44% to browse product reviews in store. Two thirds used their phone to compare prices and changed their location of purchase based on the information.

However, despite these increases:

– More than half of mobile phone owners who do not currently use mobile banking say they have no interest in doing so;

– Only one fourth of all mobile phone owners expressed an interest in using their mobile phones to make payments.

The most common mobile banking activities include: reviewing account balances, monitoring recent transactions and transferring money between accounts.

The Survey of Consumers’ Use of Mobile Financial Services was conducted by GFK, an online consumer research firm.

 

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