Federal Reserve Reports on Consumers’ Mobile Banking Trends

Mobile Banking has become the norm among consumers of all ages. With mobile banking, consumers can easily and conveniently check their purchase history online, transfer money, and compare prices.

The Federal Reserve recently backed up these trends with the release of their most current report on Mobile Financial Services. We’ve highlighted these trends for you so you can clearly see the data.

One of the most interesting statistics in the data is that 40% of mobile phone users would be “likely” to use their mobile phone to make a purchase at the point of sale. While this may just seem like another fact about smartphone usage, this statistic holds value. It shows that consumers want more mobile technology at the point of sale, they want easier ways to pay for purchases, and they want to change the way they shop. Meaning, if business owners want to stay on top of the current trends, they should consider introducing a mobile strategy into their business.

By: Lauren Rockwell, a business writer and works on the marketing staff at Liberty Capital Group, Inc. She writes about the latest business trends and industry conditions from tax laws to the newest financial trends. Her blogs are intended to offer accurate and concise advice to readers.