Other ResearchConsumers and Mobile Financial Services
|Q16. Used online banking in the past 12 months||68%|
|Q12. Used telephone banking in the past 12 months||33%|
|Q22. Used mobile banking in the past 12 months||21%|
|Q29. Used mobile payment in the past 12 months||11%|
Note: The denominator varies across services due to question screening.
|Checked an account balance or checked recent transactions||90%|
|Downloaded your bank's mobile banking application||48%|
|Transferred money between two accounts||42%|
|Received a text message alert from your bank||33%|
|Made a bill payment using your bank's website or application||26%|
|Located the closest in-network ATM for your bank||21%|
|Deposited a check to your account using your phone's camera||11%|
|Refused to answer||3%|
|Managed your investments||2%|
Note: This was question 25 in the survey (see Appendix 1); number of respondents was 372.
|My banking needs are being met without mobile banking||57%|
|I'm concerned about the security of mobile banking||48%|
|I don't trust the technology to properly process my banking transactions||22%|
|The cost of data access on my wireless plan is too high||18%|
|It is too difficult to see on my mobile phone's screen||17%|
|It's difficult or time consuming to set up mobile banking||10%|
|I don't have a banking account with which to use mobile banking||9%|
|It is not offered by my bank or credit union||3%|
|My bank charges a fee for using mobile banking||2%|
|Refused to answer||1%|
Note: This was question 36 in the survey (see Appendix 1); number of respondents was 1,626.
|I'm concerned about the security of mobile payments||42%|
|I don't see any benefit from using mobile payments||37%|
|It's easier to pay with another method like cash or a credit card||36%|
|I don't have the necessary feature on my phone||31%|
|I don't trust the technology to properly process my payments||20%|
|The cost of data access on my wireless plan is too high||15%|
|It's difficult or time consuming to set up mobile payments||9%|
|I don't know of any stores that let you pay with your mobile phone||9%|
|It is not offered by my bank or credit union||4%|
|My bank charges a fee for using mobile payments||2%|
|Refused to answer||2%|
Note: This was question 39 in the survey (see Appendix 1); number of respondents was 1,780.
Figure 5. Would you like to use your mobile phone for any of the following purposes, assuming they were made available to you?
|Compare prices when shopping||48%|
|To receive offers and promotions based on where you are||33%|
|Track your finances on a daily basis||31%|
|To receive and manage discount offers and coupons||31%|
|Buy things at the point of sale||25%|
|As a membership card||24%|
|As a form of photo identification||23%|
|Purchase tickets to events||23%|
|Organize and track gift cards, loyalty and reward points||21%|
|As a ticket for buses||19%|
|As a key to enter your house||18%|
|Refused to answer||18%|
Note: This was question 46 in the survey (see Appendix 1); number of respondents was 2,002.
|Payment due alerts||32%|
Note: This was question 74 in the survey (see Appendix 1); number of respondents was 111.
Figure 7. Thinking of the most recent low-balance alert you received by text message, which of the following actions did you take after receiving the alert?
|Transferred money into the account with the low-balance||58%|
|Reduced my spending||41%|
|Deposited money into the account with the low-balance||16%|
|None of the above||16%|
Note: This was question 75 in the survey (see Appendix 1); number of respondents was 78.
Figure 8. Please choose the reason why you do not have a checking, savings, or money market account from the following list:
|I don't like dealing with banks||24%|
|I don't write enough checks||23%|
|Other (please specify)||18%|
|The fees and service charges are too high||13%|
|No bank will give me an account||10%|
|Refused to answer||8%|
|The minimum balance is too high||2%|
|No bank has convenient hours or locations||1%|
Note: This was question 3 in the survey (see Appendix 1); number of respondents was 200.
Figure A. What was the main reason for using a payday loan or payday advance service rather than a bank loan or credit card?
|I didn't think I would qualify for a bank loan or credit card||29%|
|It was easier to get a payday loan than to qualify for a bank loan or credit card||25%|
|The payday loan was much quicker to get than a bank loan or credit card||18%|
|Refused to answer||13%|
|Other (please specify)||8%|
|The location of the payday lender was more convenient||4%|
|I didn't want the loan to show up on my credit report||2%|
|It felt more comfortable to work with the payday lender than to use a bank||1%|
Note: This was question 6 in the survey (see Appendix 1); number of respondents was 223.