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Home > News & Events > Press Releases

Press Release
March 14, 2012

Federal Reserve survey provides information on
mobile financial services
For immediate release
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One out of five American consumers used their mobile phone to access
their bank account, credit card, or other financial account in the 12
months ending in January 2012 and an additional one out of five
indicated they would likely use mobile banking at some point in the
future, according to a Federal Reserve Board survey (2.5 MB PDF) |
HTML.
The survey's findings suggest that the use of mobile banking is poised to
expand further over the next year, with usage possibly increasing to one
out of three mobile phone users by 2013. However, the survey indicates
that many consumers remain skeptical of the benefit of mobile banking
and the level of security associated with the technology.
The use of mobile banking is highly correlated with age, according to the
survey results. People between 18 and 29 account for approximately 44
percent of mobile banking users, relative to 22 percent of all mobile
phone users. Conversely, people age 60 and over account for only 6
percent of all mobile banking users, but 24 percent of mobile phone
users. The survey showed a significantly higher level of mobile banking
uptake among African Americans (16 percent) and Hispanics (17
percent), relative to 11 percent and 13 percent of mobile phone users,
respectively.
The widespread use of mobile technology has the potential to expand

access to financial services for previously underserved populations.
Underbanked individuals (people with bank accounts but who use check
cashers, payday lenders, or payroll cards) make relatively heavy use of
mobile banking, according to the survey. Of this group, 29 percent used
mobile banking in the year ending in January 2012.
The survey found that the most common mobile banking activities are
consumers checking their account balances or monitoring recent
transactions. Less frequently used mobile banking functions include
making online bill payments from a bank account, locating an in-network
automated teller machine, and depositing a check by phone.
The majority of consumers who have a mobile phone but do not use
mobile banking said they either had no need for these services or
expressed security concerns. When asked to rate the security of mobile
banking, non-users were more likely to report that they believed it was
unsecure or that they simply didn't know how secure the technology
was.
The survey was conducted on behalf of the Board by Knowledge
Networks, an online consumer research firm. Data collection began
December 22, 2011, and was concluded on January 9, 2012. Nearly
2,300 respondents completed the survey.
A report summarizing the survey's mobile financial services findings may
be found at: http://www.federalreserve.gov/econresdata/mobile-devicereport-201203.pdf (2.5 MB PDF) | HTML. Appendix tables provide
responses to all of the survey questions.
For media inquiries, call 202-452-2955.

Last Update: March 14, 2012

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