Mobile banking has finally surpassed telephone banking as a means of accessing financial services, according to the Consumers and Mobile Financial Services 2015 report.
The Federal Reserve Bank found that 35% of bank customers use mobile banking to interact with their accounts, up from 30% last year. In 2011, mobile banking was used by 20% of survey respondents, while the use of telephone banking hovered around 33%. Telephone banking continues to be utilized by 1/3 of the population today, but mobile banking has increased significantly.
Online banking has also seen an upsurge in recent years, jumping from 65% in 2011 to 74% in 2014.
As expected, mobile banking is most common with younger adults. 60% of respondents age 18-29 report using mobile banking in the last 12 months, compared to 13% of users 60+ years old.
The report found 34% of Caucasian respondents, 43% of African American respondents, and 53% of Hispanic respondents used mobile banking during the previous 12 months.
This is the fourth survey to come out from the Federal Reserve, consisting of over 50,000 randomly selected individuals (mixed between new and previous respondents). The sample was collected to accurately represent the U.S. population.