Mobile banking can be defined as using “a mobile phone to access your bank or credit union account. This can be done either by accessing your bank or credit union’s web page through the web browser on your mobile phone, via text messaging, or by using an app downloaded to your mobile phone.”
The main impediments to the adoption of mobile financial services cited by some consumers continue to be a preference for other methods of banking and making payments as well as concerns about security. Most consumers with bank accounts reported using a mix of online and offline channels to interact with their financial institution. For those who have adopted mobile banking, use of the mobile channel appears to complement their use of other banking channels. The security and privacy of personal information remain common concerns for mobile phone users, and many smartphone users reported taking steps to guard against possible risks.
The feature of mobile financial services is keep developing to meet customer’s demand. Nowadays, we can even deposit checks by scanning it via banking app on phone, check which category do we spend money at, instantly transfer money. Fintech do change our daily life and bring our convenience.
Source:
https://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf