Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Bank of America Expands Mobile Banking Trial
B of A plans to expand a mobile payments trial it is conducting in New York to San Francisco and Atlanta this quarter, according to Michael Upton, the emerging channels capabilities executive at the Charlotte, N.C., company.
“We have liked what we learned,” Upton said of the trial in an interview on Monday. “It does … give us some of the market differentiation in terms of consumer adoption, behavior, preferences [and] perceptions by moving to some of the other markets.”
Bank of America also plans to make the system commercially available to customers by the end of the year, Upton said.
via American Banker
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