|Bank customers are going mobile, or at least trying it, a Federal Reserve survey shows.|
- 87% of the U.S. population has a mobile phone.
- 44% of mobile phones are smartphones (meaning Internet-enabled).
- 84% of smartphone users have accessed the Internet on their phone in the past week.
- 21% of mobile phone owners have used mobile banking in the past 12 months.
- The most common use of mobile banking is to check account balances or recent transactions (90% of mobile banking users).
- Transferring money between accounts is the second-most common use of mobile banking (42% of mobile banking users).
- The primary reason mobile phone users had not adopted mobile banking was that they felt their banking needs were being met without the use of mobile banking (58%).
- Concerns about the security of the technology were the primary reason given for not using mobile payments (42%) and the second most common reason given for not using mobile banking (48%).
- 62% of the under banked who use mobile payments have used it to pay bills.