Fed: 1 in 5 Consumers Tap into Finances on Smart Phones

One out of five U.S. consumers used their mobile phone to access their bank account, credit card or other financial account in the 12 months ending January 2012, according to a Federal Reserve survey.
The survey found that these consumers – 21 percent of mobile phone users – most commonly check their account balances or monitor recent transactions.
Less frequently, consumers use mobile banking functions that include making online bill payments from a bank account, locating an in-network automated teller machine, and depositing a check by phone.
One out of five surveyed indicated they would likely use mobile banking at some point in the future.
The majority of consumers who have a mobile phone ­– but do not use mobile banking – said they either had no need for these services or expressed security concerns.
The use of mobile banking is highly correlated with age, according to the survey results.
People 18 to 29 years of age account for about 44 percent of mobile banking users. People aged 60 and over account for only 6 percent of all mobile banking users, but they represent 24 percent of mobile phone users.
The survey’s findings suggest that the use of mobile banking is poised to expand further over the next year, with usage possibly increasing to one out of three mobile phone users by 2013.
However, the survey indicates that many consumers remain skeptical of the benefit of mobile banking and the level of security associated with the technology.
Knowledge Networks, an online consumer research firm, conducted the survey on behalf of the Fed. Nearly 2,300 respondents completed the survey.
See the report summarizing the survey.

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