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The Future of Mobile Banking: Market Shift or Market Growth?

For the fifth consecutive year, the Federal Reserve has conducted a survey examining trends in the adoption and use of mobile banking, payments, and how mobile financial services impact how consumers engage with their financial institution. According to the Federal Reserve Board report, “Consumers and Mobile Financial Services 2016,” 43% of adults with mobile phones and bank accounts reported using mobile banking – an increase of 4% from last year’s survey and 10% from the 2013 study.

As would be expected, mobile banking use is significantly higher for those consumers with smartphones (53%). Among smartphone owners with a bank account, the increase in users increased only 1% during the past year, the same amount as in the previous 3 years. This almost stagnant growth continues to raise the question as to whether the growth in mobile banking use is caused by the increase in consumers upgrading their mobile devices as opposed to being the result of marketing efforts by banks and credit unions.

Despite a slow, steady growth of mobile banking and mobile payments users, there is still a large percentage of consumers who do not see the benefits of accepting digital banking. Can the banking industry encourage non-users to embrace mobile technology?

For more on this story visit the following link: The Future of Mobile Banking: Market Shift or Market Growth?
Source: The Financial Brand

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