Use of mobile banking continued to experience a rise in the US last year, with more consumers adopting mobile financial services, according to a survey by the Federal Reserve Board.
Nearly 43% of the adults with mobile phones and bank accounts were found using mobile banking, a rise of 4 percentage points compared to the year ago period.
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Checking account balances or recent transactions were the most common mobile banking activity, followed by money transfer between accounts, the survey report revealed.
More than half (54%) of the mobile banking users said that the mobile channel was one of the three most important ways to interact with their bank, with 65% citing online and 62% citing ATM.
Use of mobile services also differed in different demographic groups, with Hispanics and non-Hispanic blacks found to be more likely to use mobile banking than white people.
The report added that usage of mobile payments continued to be less common than mobile banking usage.
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By GlobalDataFor smartphone owners making mobile payments, paying bills, purchasing a physical item or digital content remotely, and paying for something in a store were the most common types of mobile payments.
Majority of mobile banking and mobile payments users cited convenience or getting a smartphone as the main reason for adoption.
The key inhibitors for the adoption were a stated preference for other banking and payment methods, and security concerns.
