Page 15 - Consumers and Mobile Financial Services 2014

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Accessing Financial Services

Survey respondents were given a set of screening credit union account. This can be done either by
questions that asked if they had access to a bank accessing your bank or credit union’s web page
account, the Internet, and a mobile phone or smart- through the web browser on your mobile phone, via
phone. They were further asked about the various text messaging, or by using an app downloaded to
ways in which they access their financial accounts. Of your mobile phone.”
the 89 percent of consumers who have a checking,
savings, or money market account, the majority use The adoption of mobile banking has continued to
some form of technology to interact with their finan- increase in the past year. Just over 33 percent of
cial institution. (The Board survey also included mobile phone users in the survey report that they
questions about attitudes toward alternative financial used mobile banking in the past 12 months. This is
services; see box 2 for more information.) an increase from the nearly 28 percent of mobile
phone users who indicated that they used mobile
As shown in figure 2, the most common way of banking in the 2012 survey, and 21 percent in the
interacting with a financial institution remains 2011 survey. Use of mobile banking is substantially
in-person at a branch, with 82 percent of consumers higher for smartphone users at 51 percent, up from
who have a bank account reporting that they had vis- 48 percent in the 2012 survey, and 42 percent in the
ited a branch and spoken with a teller in the past 2011 survey. The higher incidence of mobile banking
12 months. The second most common means of adoption among smartphone users suggests that as
access in the past 12 months was using an ATM at smartphone adoption continues to increase, so too
75 percent, followed by online banking at 72 percent. will use of mobile banking.
Approximately one-third of all consumers with bank
accounts used telephone banking, while 30 percent Among those consumers with mobile phones who do
used mobile banking. not currently use mobile banking, 12 percent report
that they will “definitely” or “probably” use mobile
banking in the next 12 months. An additional 18 per-
Mobile Banking cent of those who report that they are unlikely to use
mobile banking in the next 12 months report that
The Federal Reserve survey defines mobile banking they will “probably” adopt mobile banking at some
as “using a mobile phone to access your bank or point.

Figure 2. Usage of different means of accessing banking services

Have you spoken with a teller or a bank employee at a 82%
bank branch in the past 12 months?
Have you used an ATM for any banking transactions in the past 12 months? 75%
Have you used online banking on a desktop, laptop, or tablet (e.g., iPad)
computer in the past 12 months? 72%
Have you used telephone banking in the past 12 months, either with 33%
a land-line phone or mobile phone?
Have you used mobile banking in the past 12 months? 30%
Have you made a mobile payment in the past 12 months? 14%
Note: The denominator is all respondents with a checking, savings, or money market account for each question, regardless of mobile phone ownership.