Federal Reserve Board Report Shows Widespread Growth in Mobile Banking

Mobile banking is a growing trend among consumers, according to recent findings from a Federal Reserve Board study. The online survey of nearly 2,300 people was conducted in December 2011 and January 2012, and focused on the use of mobile technology to access a bank account, credit card, or other financial account.

Among other findings, the study indicated that 20 percent of all Americans used mobile banking services in the 12 months ending in January 2012. Survey findings suggest that the use of mobile banking is poised to expand further over the next year, with usage possibly increasing to 33 percent of mobile phone users by 2013. The study also showed that mobile phones are changing the way consumers make payments and that the "underbanked" are making comparatively heavy use of both mobile banking and mobile payments. Those surveyed who do not use mobile banking cited skepticism about its benefits and security concerns.

View the report summarizing the survey findings. Additional highlights from the report can be found in the Board's press release of March 14.