One in Five in U.S. Using Mobile Banking
A small but growing number of Americans don't go to the bank. The bank goes with them.
One third could go mobile soon
Young people appear to be most comfortable banking with their phones. People between 18 and 29 account for about 44 percent of mobile banking users, while that age group makes up just 22 percent of mobile phone users. Meanwhile, people age 60 and over account for only 6 percent of all mobile banking users but 24 percent of mobile phone users. The survey also showed a higher level of mobile banking use among African-Americans (16 percent) and Hispanics (17 percent), even though those groups represent 11 percent and 13 percent of mobile phone users, respectively.
People who have 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 January 2012.
Some features prove more popular
Knowledge Networks, an online consumer research firm, conducted the survey for the Fed Board of Governors. Nearly 2,300 respondents completed the survey.
March 26, 2012