Other ResearchConsumers and Mobile Financial Services
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Figure 1. Usage of different means of accessing banking services
| Response | Percent |
|---|---|
| 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.
Figure 2. Using your mobile phone, have you done any of the following in the past 12 months?
| Response | Percent |
|---|---|
| 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% |
| Other | 1% |
Note: This was question 25 in the survey (see Appendix 1); number of respondents was 372.
Figure 3. What are the main reasons you have decided not to use mobile banking?
| Response | Percent |
|---|---|
| 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% |
| Other | 13% |
| 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.
Figure 4. What are the main reasons why you have not used mobile payments?
| Response | Percent |
|---|---|
| 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% |
| Other | 12% |
| 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?
| Response | Percent |
|---|---|
| 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.
Figure 6. What kind of text alerts do you receive?
| Response | Percent |
|---|---|
| Low-balance alerts | 66% |
| Payment due alerts | 32% |
| Fraud alerts | 30% |
| Other | 18% |
| Saving reminders | 3% |
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?
| Response | Percent |
|---|---|
| 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:
| Response | Percent |
|---|---|
| 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?
| Response | Percent |
|---|---|
| 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.
