Mobile Banking and Payment Practices of U.S. Financial Institutions: 2016 Mobile Financial Services Survey Results from FIs in Seven Federal Reserve Districts Mobile Banking and Payment Practices of U.S. Financial Institutions: 2016 Mobile Financial Services Survey Results from FIs in Seven Federal Reserve Districts

By Marianne Crowe, Elisa Tavilla, and Breffni McGuire

In 2016, led by the Federal Reserve (FR) Bank of Boston, multiple FR Banks surveyed financial institutions (FIs) about their mobile banking and payment practices and plans. This report presents the consolidated findings from the 2016 Mobile Financial Services Survey (MFS Survey) of FIs in seven FR Districts: Atlanta, Boston, Cleveland, Dallas, Kansas City, Minneapolis, and Richmond. The FR Banks share a common objective to provide FIs and the broader industry with an understanding of the current landscape for mobile banking and payment services – both consumer and business – within each District and across several regions of the United States (U.S.). This study is important to the understanding of mobile financial services in the U.S., as it encompasses data from 706 participating FIs. The survey respondents are geographically dispersed across 34 states and the District of Columbia, providing a broad view of the availability of mobile banking and payment services in the U.S.