WASHINGTON (3/31/16)--As of November 2015, 43% of adults with mobile phones and bank accounts reported using mobile banking, according to a survey released Wednesday by the Federal Reserve. This represents an increase of four percentage points from the same time in 2014, according to the report, titled “Consumers and Mobile Financial Services 2016.”
The fifth annual report documents consumers' use of mobile phones (which can include Internet-enabled smartphones and more basic phones) as they bank and carry out financial activities. The Fed examined how consumers use mobile phones to access banking services; make payments, transfer money, or pay for goods and services; and inform financial decisions, as well as their reasons for using these services.
The 2015 survey was conducted Nov. 4-23, 2015, and was completed by more than 2,500 respondents.