Monday, April 11, 2016
Mobile banking use continued to rise in 2015, as more U.S. residents got the smartphone bug. This is according to Consumers and Mobile Financial Services 2016, a new report from the Federal Reserve. The report is the fifth from the Fed in as many years and examines how consumers use mobile devices to access banking services, make payments and make financial decisions.
According to the Fed’s data, 87 percent of adult Americans had mobile phones as of November 2015. This number has remained unchanged since 2013. What has changed is the share of those devices that are Internet-enabled (smart) phones: 71 percent in 2015, up from 61 percent a year earlier.
Here are additional data points from the Fed’s report:
Researchers identified consumers’ limited demand for mobile banking and payments as “a continuing impediment to adoption, stating in the report that “many consumers said their needs were already being met without mobile banking or payments, that they were comfortable with non-mobile options, and that they did not see a clear benefit from using either service.
“In addition, around one in five (22 percent) of those with mobile phones and bank accounts indicated they do not know if their bank or credit union offers mobile banking, which may be consistent with a lack of interest in these services among a portion of the population. Concerns about the security of mobile banking and mobile payment technologies are also frequently cited as reasons why consumers chose not to adopt these technologies.”
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