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Monday, April 1, 2013

Consumers Report Increased Use of Mobile Banking

The Federal Reserve Board released its second study on consumers' use of mobile financial services. Twenty-eight percent of mobile phone users and forty-eight percent of smartphone users had used mobile banking in the past 12 months, according to Consumers and Mobile Financial Services 2013.

The survey, conducted in November 2012, found that the most common mobile banking activities continue to be reviewing account balances, monitoring recent transactions, or transferring money between accounts. The use of mobile phones to deposit checks has doubled between surveys, with 21 percent of mobile banking users having deposited a check with their phone in the 12 months prior to November 2012.

The study notes the prevalent use of mobile phones by the unbanked and underbanked, with 59% of the unbanked having access to a mobile phone and 49% of the underbanked report using mobile banking in the past 12 months. A small number of consumers also reported the use of mobile phones to make payments at the point-of-sale, with 6 percent of smartphone owners having used their phone to make a purchase.

Read the study.