Consumer Use of Mobile Financial Services: Results from the 2012--2015 Reports

• Activity Number: 444
• Type: Contributed
• Date/Time: Tuesday, August 11, 2015 : 2:00 PM to 3:50 PM
• Sponsor: Government Statistics Section
• Author(s): Alexandra Brown*
• Companies: Federal Reserve Board of Governors
• Keywords: Mobile Banking ; internet surveys ; Mobile Payments ; Financial Services ; survey methods ; data analytics

Abstract

Since 2012, the Federal Reserve Board of Governors has conducted an annual survey on 'Consumers Use of Mobile Financial Services'. These reports have found that use of mobile phones to access a bank account, credit card, or other financial account has continued to increase in prevalence among adults in the United States last year. As of December 2013, 33 percent of all mobile phone users and 51 percent of smartphone users had used mobile banking in the past 12 months. These reports also look at how consumers access their bank's services using mobile phones ("mobile banking"), at their payment for goods and services using mobile phones ("mobile payments"), as well as their use of mobile phones to inform their shopping decisions.