Mobile phones have increasingly become tools thatconsumers use for banking, payments, budgeting,and shopping. Given the rapid pace of developmentsin the area of mobile finance, the Federal ReserveBoard began conducting annual surveys of consumers’use of mobile financial services in 2011. The surveyexamines trends in the adoption and use ofmobile banking, payments, and shopping behaviorand how the emergence of mobile financial servicesaffects consumers’ interaction with financialinstitutions.
This report presents findings from the 2014 survey,fielded in December, which focused on consumers’use of mobile technology to access financial servicesand make financial decisions. Where applicable, thefindings from the current survey are also comparedwith the findings from the 2011, 2012, and 2013 surveys.Topics include consumer access to bank servicesusing mobile phones (“mobile banking”), consumerpayment for goods and services using mobile phones(“mobile payments”), and consumer shopping decisionsfacilitated by use of mobile phones. Detailsabout the survey, its methodology, and limitationscan be found in the body of the report and in a methodologicalappendix.
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<p>Consumers and Mobile Financial
Services 2015
March 2015
BOARD OF GOVERNOR S O F THE F EDERAL R E S ERV E SY S T EM
Consumers and Mobile Financial
Services 2015
March 2015
BOARD OF GOVERNOR S O F THE F EDERAL R E S ERV E SY S T EM
This and other Federal Reserve Board reports and publications are available online at
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Preface
The survey and report were prepared by the Con-
sumer and Community Development Research Sec-
tion of the Federal Reserve Board’s Division of Con-
sumer and Community Affairs (DCCA).
DCCA directs consumer- and community-related
functions performed by the Board, including con-
ducting research on financial services policies and
practices and their implications for consumer finan-
cial stability, community development, and neighbor-
hood stabilization.
DCCA staff members Alexandra Brown, Sam
Dodini, Arturo Gonzalez, Ellen Merry, and Logan
Thomas prepared this report. Valuable comments
and feedback on the design of the survey and draft-
ing of this report were provided by DCCA staff
members Mario Arthur-Bentil, Anna Alvarez Boyd,
David Buchholz, Allen Fishbein, Jeff Larrimore,
Alejandra Lopez-Fernandini, Barbara Robles, and
Jenny Schuetz, as well as by Federal Reserve System
staff members Andrea Brachtesende, Marianne
Crowe, Susan Pandy, and Maximilian D. Schmeiser.
Mention or display of a trademark, proprietary
product, or firm in the report does not constitute an
endorsement or criticism by the Federal Reserve
System and does not imply approval to the exclusion
of other suitable products or firms.
iii
Executive Summary .....................................................................................