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Federal Reserve Survey Provides Information on Mobile Financial Services

Posted on 3/27/2014

Since 2011, the Federal Reserve has been conducting its Consumers and Mobile Financial Services Survey to track trends in the use of mobile phones for banking and other financial services. On March 25, the Fed announced in a press release the publication of its 2013 survey data.

Perhaps not surprisingly, the use of mobile phones to access bank accounts, make payments, deposit checks, and conduct other banking business has steadily increased over the past year, from 28% in December of 2012 to 33% in December 2013 for all mobile phone users, and from 48% to 51% for all smartphone users. Despite the unwavering increase in the use of mobile phones for online banking, there remains a portion of consumers who are skeptical of the potential security risks involved.

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