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Study: US banks ready to invest in mobile payments

A new report from the payment strategies team of the Federal Reserve Bank of Boston provides insights into the state of mobile banking at financial institutions.

Key findings from the 2016 Mobile Banking and Payment Practices of U.S. Financial Institutions report reveal increased consumer adoption of mobile banking and mobile payments, and changes planned for financial institutions in the years ahead.

The report presents consolidated survey results from 706 financial institutions in the Atlanta, Boston, Cleveland, Dallas, Kansas City, Minneapolis and Richmond Federal Reserve districts, and provides historical comparisons to the 2014 MFS survey report, where relevant, according to a press release.

Survey participants represent 8.7 percent of all banks and 3.1 percent of all credit unions nationally.

The survey results confirm that:

  • 89 percent of FI respondents offer mobile banking services.
  • 54 percent of institutions that track customer adoption said that more than 20 percent of their retail customers enrolled in mobile banking.
  • 44 percent of tracking FIs have more than 20 percent actively using these services.

According to the survey, implementation of mobile payment services is accelerating as financial institutions respond to competitive pressure and the industry momentum for mobile payments:

  • 24 percent of responding FIs already offer mobile payments.
  • 40 percent plan to offer mobile payments within two years.
  • More than two-thirds partner (or plan to) with third-party processors for mobile payments.
  • More than half are considering a partnership with an NFC wallet provider.

Get the full report.