In a recent report by the Federal reserve, mobile banking increased by 7 percent from 2012 – 2011 ( 28% in 2012 and 21% in 2011). Most mobile banking customers use the service to review account balances, transactions, or transfers. The top mobile banking customers weighs in at only 10 percent of the US population, while the other 90 percent with mobile devices – 49 percent had used mobile banking within the prior year. The Fed report stated, “consumers remain skeptical of the potential benefits of mobile banking service, as well as the payment security associated with using the technology.”
Read the full report here.
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Consumers remain skeptical about mobile banking payment security
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