18 October 2017
visit www.avoka.com

American mobile banking popularity sees modest growth

31 March 2016  |  6976 views  |  0 hipster suit with phone

Mobile banking saw its popularity grow in the US last year but more than half of Americans still do not use the channel, and fewer still make payments from their handsets, according to a Federal Reserve Board survey.

Of more than 2500 adults quizzed for the Fed by GfK, 43% of those with handsets and bank accounts report using mobile banking, up four percentage points on the previous year. For smartphone users the percentage is 53%, up from 52%.

Age is an important factor in mobile banking popularity. Two thirds of those aged 18 to 29 have used their phones to bank in the last 12 months, compared to just 18% of people over the age of 60. Hispanics and non-Hispanic blacks are also more likely to bank with their mobile than white people.

The most common mobile banking activity is checking account balances or recent transactions, cited by 94% of those that handle their finances through their phones. More than half of mobile bankers transfer money between their own accounts and a similar percentage receive alerts from their banks.

Only 54% of those with smartphones that have adopted mobile banking consider it one of the three most important ways they interact with their banks. This share is below those that cited online (65%) and ATM (62%) as most important, but above the share that cited a teller at a branch (51%).

Mobile payments continues to be less popular than mobile banking, with only 28% of smartphone users making a payment through their handsets during the year. For smartphone owners who do make payments, the most common types are paying bills, purchasing a physical item or digital content remotely, and paying for something in a store.

Read the full report (PDF).

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fed staffers put a downer on mobile payments party

Fed staffers put a downer on mobile payments party

23 February 2016  |  8023 views  |  0 comments | 2 tweets | 2 linkedin
Mobile banking adoption boosts revenue - study

Mobile banking adoption boosts revenue - study

19 January 2016  |  9410 views  |  0 comments | 25 tweets | 26 linkedin
Mobile banking users set to double over next four years - KPMG

Mobile banking users set to double over next four years - KPMG

03 August 2015  |  18031 views  |  0 comments | 47 tweets | 34 linkedin
US mobile banking on the rise - Fed study

US mobile banking on the rise - Fed study

27 March 2015  |  11487 views  |  0 comments | 17 tweets | 17 linkedin
Americans switch from cheques to cards - Fed

Americans switch from cheques to cards - Fed

25 April 2014  |  9057 views  |  4 comments | 19 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15433 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8631 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8175 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7681 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6875 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job