Federal Reserve Bank of Boston-NEACH Mobile Banking and Payment Survey Findings
The Federal Reserve Bank of Boston (FRB Boston) and NEACH jointly conducted a mobile banking and payments survey of financial institutions (FIs) in New England between July and August 2014.
The purpose of the survey was to help FRB Boston and NEACH better understand the mobile banking and payment trends in New England, based on data collected from the FIs on their mobile initiatives. A total of 176 FIs in the First District participated in the survey -107 banks and 69 credit unions, with assets ranging from under $100 million to over $1 billion. Eighty-one percent of FIs that responded to the survey now offer mobile banking. While only six percent of FIs currently offer retail mobile payments services, over half now have plans to offer mobile payments within the next two years.
High level findings from the survey are included here:
- Overview of Mobile Payment Landscape
- Mobile Banking , Payments Forum: What's Taking Place in New Engl and
FRB Boston and NEACH will publish a detailed report of the survey results in the coming months.
For more information on mobile payments, what's shaping the mobile landscape, and current initiatives of the Mobile Payments Industry Workgroup (MPIW), please visit the MPIW Homepage.
*The Federal Reserve Banks of Atlanta, Dallas, Minneapolis and Richmond, along with their regional payment associations, also conducted the mobile survey with their district FIs.