7/31/2019 Fast Facts: The Mobile Revolution

1/2

August 2012

To: Fast Facts List

Fast Facts: THE MOBILE REVOLUTION

FACT: 40% of banking consumersperform banking transactions on a mobile phone at least once a

month.

FACT: By 2015,50% of all financial institution consumersare projected to bank on their phones.

FACT: The vast majority (90%) of mobile banking consumers use their phones tocheck account balances andview recent transactions, according to a Federal Reserve study. Less frequent mobile banking activities include

depositing a check using your phones camera, receiving text message alerts, and locating ATMs.

Chart 1: Using your mobile phone, have you done any of the following in the last 12 months?

Checked an account balance or checked recent

transactions

90%

Downloaded your banks mobile banking

application

48%

Transferred Money between two accounts 42%

Received a text message alert from your bank 33%

Made a bill payment using your banks website or

application

26%

Located the closest in-network ATM for your bank 21%Deposited a check to your account using your

phones camera

11%

Managed your investments 2%

Survey of mobile banking users. Federal Reserve, Consumers and Mobile Financial Services, March 2012

FACT: Mobile convenience extends beyond banking. Thepercentage of people using mobile applications or

websites for insurance and brokerage information has increased by 19% and 10% respectivelyover the past

year, according to a recent comScore study.

FACT: Mobile phone use is highest among younger generations, minorities, and those with low levels ofincomegroups that are prone to be unbanked or underbanked, according to the Federal Reserve.

Mobile banking and mobile payments have the potential to expand financial access to the unbanked andunderbankedby reducing transaction costs and increasing the accessibility of financial products and

services.

FACT:A strong majority of consumers (67%) say they would use mobile banking if they felt confident in its

security.

http://www.americanbanker.com/issues/177_119/survey-consumers-branches-digital-footprint-protection-1050268-1.htmlhttp://www.americanbanker.com/issues/177_119/survey-consumers-branches-digital-footprint-protection-1050268-1.htmlhttp://www.business2community.com/mobile-apps/mobile-banking-trends-for-2012-0164151http://www.business2community.com/mobile-apps/mobile-banking-trends-for-2012-0164151http://www.business2community.com/mobile-apps/mobile-banking-trends-for-2012-0164151http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.comscore.com/Press_Events/Press_Releases/2011/10/Mobile_Banking_App_Usage_in_the_U.S._Increases_45_Percent_from_Q4_2010http://www.comscore.com/Press_Events/Press_Releases/2011/10/Mobile_Banking_App_Usage_in_the_U.S._Increases_45_Percent_from_Q4_2010http://www.comscore.com/Press_Events/Press_Releases/2011/10/Mobile_Banking_App_Usage_in_the_U.S._Increases_45_Percent_from_Q4_2010http://www.comscore.com/Press_Events/Press_Releases/2011/10/Mobile_Banking_App_Usage_in_the_U.S._Increases_45_Percent_from_Q4_2010http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2012_The_customer_takes_control/$FILE/Global_Consumer_Banking_Survey_2012.pdfhttp://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2012_The_customer_takes_control/$FILE/Global_Consumer_Banking_Survey_2012.pdfhttp://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2012_The_customer_takes_control/$FILE/Global_Consumer_Banking_Survey_2012.pdfhttp://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2012_The_customer_takes_control/$FILE/Global_Consumer_Banking_Survey_2012.pdfhttp://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2012_The_customer_takes_control/$FILE/Global_Consumer_Banking_Survey_2012.pdfhttp://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2012_The_customer_takes_control/$FILE/Global_Consumer_Banking_Survey_2012.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.comscore.com/Press_Events/Press_Releases/2011/10/Mobile_Banking_App_Usage_in_the_U.S._Increases_45_Percent_from_Q4_2010http://www.comscore.com/Press_Events/Press_Releases/2011/10/Mobile_Banking_App_Usage_in_the_U.S._Increases_45_Percent_from_Q4_2010http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.business2community.com/mobile-apps/mobile-banking-trends-for-2012-0164151http://www.americanbanker.com/issues/177_119/survey-consumers-branches-digital-footprint-protection-1050268-1.html

7/31/2019 Fast Facts: The Mobile Revolution

2/2

August 2012

Consumers who express concerns about the security of mobile banking are concerned with hackersgaining access to their phone remotely(54%),losing their phone or having it stolen(19%), and

experiencing data interception by a third party(18%).

FACT: Consumers should only install verified mobile banking software from a trusted institution. Users

should protect their phone, use strong passwords, and report a lost phone immediately to the bank. View more

safety tipshere.

If you have questions about mobile payments or mobile security, please contact Ann Patterson at

ann@fsround.org.

Financial Services HOTLINE: If you have questions about this topic or any other issue facing financial

services, please reach out to Abby McCloskey,Director of Research at the Financial Services Roundtable, at

202-589-2531 or Scott Talbott, Senior Vice President of Government Affairs, at 202-289-4322.

Learn more about the Financial Services Industry atwww.OurFinancialFuture.com.OurFinancialFuture.com is continuously updated to bring you the most useful information about the industry in

real-time.

www.RoundtableResearch.org

http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.mobilecommercedaily.com/2010/09/21/mobile-banking-tips-and-tricks-for-safe-transactinghttp://www.mobilecommercedaily.com/2010/09/21/mobile-banking-tips-and-tricks-for-safe-transactingmailto:ann@fsround.orghttp://www.ourfinancialfuture.com/http://www.ourfinancialfuture.com/http://www.ourfinancialfuture.com/http://www.ourfinancialfuture.com/mailto:ann@fsround.orghttp://www.mobilecommercedaily.com/2010/09/21/mobile-banking-tips-and-tricks-for-safe-transactinghttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdfhttp://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf