Wednesday, March 14, 2012

Mobile Banking Poised to Expand

The Federal Reserve released today a study on mobile banking.

The study found that 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.

The study also found that mobile banking is poised to grow further, as an additional 20% indicated they would likely use mobile banking at some point in the future. It is estimated that one-third of consumers with mobile phones are likely to use mobile banking in 2013.

Despite the expected increased use of mobile banking, many consumers remain skeptical of the benefit of mobile banking and the level of security associated with the technology.

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 study noted that mobile technology has the potential to expand access to financial services for previously underserved populations, as underbanked consumers tend to make relatively heavy use of mobile banking.

Read the study at ABA's Center for Banking Information website.

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