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News Now

Washington
Big Jump In Phone Banking, Fed Says
WASHINGTON (3/28/13)--In case anyone wasn't sure whether people are using their phones for everything, the Federal Reserve Board yesterday released a report on the use of mobile financial services that showed 28% of all mobile phone users and 48% of smartphone users had used mobile banking in the past 12 months.

This is up significantly from the Fed's last report in December 2011 that showed 21% of mobile phone users and 42% of smartphone users engaged in mobile banking.

The Federal Reserve Board completed its first Survey of Consumers' Use of Mobile Financial Services in December 2011, and released a summary report in March 2012. The board conducted a second survey in late November 2012 to monitor trends in the use of mobile financial services, and to understand how the rapidly expanding use of this technology affects consumer decision making and the overall economy.

For more on the insights of the Fed survey, tune in to Friday's News Now.


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