This report summarizes the current state of the mobile banking landscape in the United States and presents the results of a survey of mobile banking at New England depository financial institutions (DFI).1 The survey was conducted in July of 2008 by the Federal Reserve Bank of Boston (FRBB) and the New England ACH Association (NEACH), and drew responses from more than 300 banks and credit unions throughout the region.

Now more than ever, to compete successfully in today’s complex, uncertain, and rapidly evolving financial services landscape, financial institutions need to understand the state of the market, specifically here in New England, and also nationally among the market‐setting banks. The survey was designed to help regional banks and credit unions achieve this goal by providing data about mobile banking services.

This report comprises two major pieces. The first section presents an overview of the domestic landscape, providing background and context on the services, technology, barriers, and risks for DFIs offering or considering mobile banking services. It also presents a summary outlook for the channel. The second, and primary, section of the report presents and discusses the results of the joint FRBB‐NEACH survey.