How many people are using Mobile Banking?

The number of people who are using smartphones in the U.S. is steadily rising. A 2014 federal report shows that 87 percent of the U.S. adult population has a mobile phone, with about 61 percent of those Internet-enabled smartphones.

The rise in smartphone use correlates to a rise among those who are using mobile banking technology for their personal finances. More than 51 percent of smartphone owners have used mobile banking in the past 12 months, up from 48 percent in 2013, says the Consumers and Mobile Financial Services Report of March 2014 from the Federal Reserve System.

The report shows that 33 percent of all mobile phone owners have used mobile banking in the past 12 months. Another 12 percent who aren’t currently using mobile banking think that they’ll probably use it within the next year.

The most common use of mobile banking is to review checking account balances or recent transactions. Another popular use is transferring money between an individual’s own accounts. Moreover, 38 percent of mobile bankers have deposited a check using their mobile phone in the past 12 months, up from 21 percent in 2012.

Here are other ways that mobile phones are changing Online Banking:

  • 17 percent of all mobile phone owners have made a mobile payment in the past 12 months, up from 15 percent in 2012.
  • The share of smartphone users who have made a mobile payment in the past 12 months has effectively remained constant at 24 percent.
  • The most common mobile payment was bill payment through an online system.
  • 17 percent of all smartphone users have made a point-of-sale payment using their mobile phone in the past 12 months, up from 6 percent in 2012.
  • 39 percent of people who made point-of-sale mobile payments did so by scanning a barcode or QR code displayed on their phone’s screen at the cash register. Another 14 percent waved or tapped their mobile phone at the cash register.

Those who don’t use their mobile phones for personal banking cite concerns about security, as well as limited usefulness and benefits. They believe it is easier to pay with cash or credit/debit cards and that their banking needs were being met without the use of Online Banking.

Travis Credit Union offers both free Apple- and Android-based mobile apps for members who want to do their banking via their mobile phone. Visit our website to learn more, the Apple Store or the Google Play Store to download it today!