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The rise of mobile banking and security concerns in the US #Infographic

The Infographic from CreditScore.Net charts US consumer attitude to mobile banking. The stats are mostly from a Survey of Consumer Research Section of the Federal Reserve of around 2,000 consumers earlier this year (you should read this research). The infographic’s assertions that mobile banking is more secure than people anticipate and/or than PC banking are based on comments in articles from Business Week and Daily Finance. There are some interesting arguments in these articles why mobile banking is safer than perceived, but these (to mobiThinking’s mind) are countered by the fact that too few smartphone users have third-party security software on their phones (See this Guilde to mobile security for more info).

Key findings from the Federal Reserve Survey

  • 21 percent of mobile phone owners have used mobile banking in the past 12 months.
  • 11 percent of those not currently using mobile banking think that they will probably use it within the next 12 months.
  • The most common use of mobile banking is to check account balances or recent transactions (90 percent of mobile banking users).
  • Transferring money between accounts is the second most common use of mobile banking (42 percent of mobile banking users).
  • 12 percent of mobile phone owners have made a mobile payment in the past 12 months.
  • The most common reason to make a mobile payments was paying a bill (47 percent of mobile payment users).
  • 21 percent of mobile payment users transferred money directly to another person’s bank, credit card, or Paypal account.
  • The underbanked make comparatively heavy use of both mobile banking and mobile payments, with 29 percent having used mobile banking and 17 percent having used mobile payments in the past 12 months.
  • 48 percent of the people who didn’t use mobile banking said they were put off by security concerns (57.5 percent said that they didn’t need to use a mobile to bank).
  • 42 percent of the people who didn’t make mobile payments said they were put off by security concerns.

Infographic: The bank in your pocket: mobile banking is on the rise, and it’s safer than you think

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