WASHINGTON (3/27/15)--The rate at which consumers take advantage of mobile banking continues to climb, as 39% of adults with mobile phones and bank accounts reported using mobile banking in 2014, a 6% annual increase, according to a recent survey from the Federal Reserve.
While checking an account balance continued to be the most common activity, use of remote deposit capture experienced the biggest jump on an annual basis with a 13% increase to 51%.
After checking account balances, transferring money between accounts was the second-most common feature used in 2014, followed by alerts from financial institutions.
Further, 22% of all mobile phone users had made a payment sometime in the 12 months prior to the survey, a 5% increase annually. Bill pay was the most common type of payment, followed by online or in-app purchases.
The survey also showed where financial institutions might have an opportunity to serve the underbanked or unbanked.
While 14% of consumers in the study were underbanked, 90% of that group also had access to a mobile phone, and 73% had access to a smart phone.
Additionally, underbanked consumers used mobile banking at a higher rate than fully banked consumers, according to the study.
Shopping habits also continue to evolve thanks to the mobile phone, as 47% of consumers used their phones to compare prices on the Internet, while 33% had scanned a barcode in-store to find the best price.
More than 40% used their phones to peruse product reviews while in a store, and more than two-thirds of those who used their phones to compare prices purchased something different because of that extra information.