Page 11 - Consumers and Mobile Financial Services 2014

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Introduction

Since 2011, when the Federal Reserve Board’s Divi- Table 1. Key survey response statistics: Main interview
sion of Consumer and Community Affairs con-
ducted its first Survey of Consumers’ Use of Mobile Number
Financial Services, the adoption of mobile financial sampled Qualified Completion
from main completes rate
services has continued to increase, along with the survey
range of services offered. As part of its ongoing
2012 re-interviews 1,840 1,409 78.1%
efforts to monitor rapid developments in the mobile
Fresh cases 2,239 1,248 55.7%
financial services arena as well as gain insights into Total 4,070 2,657 65.3%
consumers’ usage of and attitudes toward mobile
financial services, the Board has continued to con-
1
duct the survey annually. The third survey, con- households; the sample was designed to be represen-
ducted in 2013, included a random sample of tative of the U.S. population. After pretesting, the
respondents to the previous survey in 2012, as well as data collection for the survey began on December 6,
a random sample of new respondents. The sub- 2013, and concluded on December 23, 2013. As
sample of respondents who voluntarily completed shown in table 1, e-mails were sent to 1,840 randomly
both the 2012 and 2013 waves of the survey allows selected respondents to the original survey and 2,239
for the observation of changes in behavior over the randomly selected respondents from the remaining
past year among these individuals. members of KnowledgePanel®. The 2,657 respon-
dents completed the survey in approximately 11 min-
utes (median time). Of the total respondents, 1,409
Survey Background had responded to the original survey, while 1,248
were new survey respondents. Further details on the
The original survey instrument and the two subse- survey methodology are included in appendix 1.
quent waves of the survey were designed in consulta-
tion with a group made up of key Federal Reserve The responses to all the categorical survey questions
System staff with relevant consumer research and are presented in appendix 3 in the order that the
payments backgrounds. The 2012 and 2013 survey questions were asked of respondents. Tables of sum-
samples were both composed of a mix of a random mary statistics for the respondent demographics by
selection of respondents to the previous year’s survey mobile phone usage are also included as tables C.65
and new survey respondents. to C.68. Beginning at table C.69, cross-tabulations
are presented of consumers’ use of mobile phones,
The 2013 survey was again administered by GfK, an mobile banking, and mobile payments by age, race,
online consumer research company, on behalf of the gender, education, and income.
Board. The survey was conducted using a sample of
adults ages 18 and over from KnowledgePanel®, a The following sections of this report summarize key
proprietary, probability-based web panel of more findings from the Federal Reserve Board’s survey of
than 50,000 individuals from randomly sampled consumers conducted by GfK, with a focus on how
consumers are using mobile phones to conduct their
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See the “Consumers and Mobile Financial Services” reports banking, make payments, enhance information gath-
series for previous years’ survey findings; results of the 2011
survey (published in March 2012) are available at www ering while shopping, and manage their finances. The
.federalreserve.gov/econresdata/mobile-devices/files/mobile- numbers cited in this report are derived from the
device-report-201203.pdf, and results of the 2012 survey (pub- Board survey unless otherwise noted. All data were
lished in March 2013) are at www.federalreserve.gov/
econresdata/mobile-devices/files/consumers-and-mobile- weighted to yield estimates for the U.S. adult popula-
financial-services-report-201303.pdf. tion, with a sampling error of ±1.9 percentage points