Mobile banking is continuing to grow in popularity, according to the latest study from the Federal Reserve.
As of December 2013, it found that 33 percent of all mobile phone users had used mobile banking in the past 12 months. That’s an increase from 28 percent in December 2012.
Mobile banking was even higher among smartphone users, with slightly more than half using their iPhones, Androids or Blackberries to access their bank account balances or conduct other banking business.
The most common mobile banking activities continue to be reviewing account balances, monitoring recent transactions or transferring money between accounts, the Fed found. The report said 38 percent of mobile banking users deposited at least one check with their phone’s camera last year.
Still, those who don’t use mobile banking remain wary. The two biggest roadblocks for these consumers: perceptions of limited usefulness and concerns about security.
In fact, consumers reported less confidence in the security of mobile banking and payments technology in the latest survey than they did in the previous two years’ surveys. Perhaps that’s due to an increasing awareness of data breaches, particularly in the wake of the Target data breach.
Do you do any banking on your mobile phone? If not, and you’re interested in doing so, check out Bankrate’s primer on how to jump into mobile banking. And also make sure to go through our slideshow of how to avoid seven mobile banking threats.
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