A new Federal Reserve report – “Mobile Banking and Mobile Payment Practices of U.S. Financial Institutions: Results from 2014 Survey of FIs in Five Federal Reserve Districts” presents consolidated findings from a joint survey that was conducted in the third quarter of 2014. The research on mobile banking practices was authored by Marianne Crowe and Elisa Tavilla from the Federal Reserve Bank of Boston's Payment Strategies team and Breffni McGuire, BMCG. Participating in the survey were institutions from the Atlanta, Boston, Dallas, Minneapolis, and Richmond Federal Reserve Districts.The reports presents a snapshot of mobile banking and payments at FIs in each district. With the exception of the First District (Boston), there is no historical or trend information available. Therefore, information from previous FRBB-NEACH surveys is used in this report to inform the analysis where relevant. Although this historical information may not reflect the situation in other districts, it does offer insights into changes that have taken place between 2013 and the time of this survey in mid-2014. This was one of the largest surveys about mobile banking and payment services at FIs that has been done in the U.S. It is also noteworthy because most of the data come from banks and credit unions with less than $500 million in assets. Data was gathered from 430 banks and 192 credit unions.
The 66 page report is available online.
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