Federal Reserve: One in Five Access Financial Info on Phones

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One in five consumers use their mobile phone to access financial information, according to a new study by the Federal Reserve Board that covers a 12-month period ending in January 2012.

An additional one out of five indicated they would likely use mobile banking in the future. 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.

The survey was conducted on behalf of the online consumer research firm Board by Knowledge Networks. Data collection began December 22, 2011, and was concluded on January 9, 2012. Nearly 2,300 respondents completed the survey.

Consumers and Mobile Financial Services March 2012

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Agencies, Federal Reserve, mobile and wireless, mobility, Tech
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