The growth in mobile banking parallels the broad proliferation of smartphones across American society, as well as a desire for convenience. The report is the Fed’s fifth annual study of mobile banking in America.
In the online survey 43 percent of adults with mobile phones and bank accounts reported having used mobile banking. This was a 4 percent lift over the report of the prior year.
Most commonly, mobile bankers used the channel to check account balances. Other popular mobile banking tasks were transferring money between accounts, or receiving electronic alerts from their Fi.
The report shows that an impediment to adoption of mobile banking and payments continues to be security concerns.
Over half of mobile banking adopters cited the mobile channel as one of the three most important ways they interact with their banks.
Use of mobile payments continues to lag adoption of mobile banking.
The complete 2016 report as well as a video summary can be obtained at http//www.federalreserve.gov/communitydev/mobile_finance.htm