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.
40% of US Mobile-Equiped Consumers Embrace Mobile Banking, Says Report
A recent online survey of more than 2,000 respondents by YouGov Plc. and Antenna Software, Inc., showed that more than one in three US consumers with mobile phones, smartphones and tablets currently use mobile banking. This presents both a major growth opportunity for retail banks to increase their customer base, as well as a chance for organizations with current mobile offerings to up their game with more advanced and “sticky” mobile apps for greater customer loyalty and competitive advantage. [Read more…]