To: Fast Facts List

Fast Facts: THE MOBILE REVOLUTION

FACT: 40% of banking consumers perform banking transactions on a mobile phone at least once a month. FACT: By 2015, 50% of all financial institution consumers are projected to bank on their phones. FACT: The vast majority (90%) of mobile banking consumers use their phones to check account balances and view recent transactions, according to a Federal Reserve study. Less frequent mobile banking activities include depositing a check using your phones camera, receiving text message alerts, and locating ATMs. Chart 1: Using your mobile phone, have you done any of the following in the last 12 months? Checked an account balance or checked recent transactions Downloaded your banks mobile banking application Transferred Money between two accounts Received a text message alert from your bank Made a bill payment using your banks website or application Located the closest in-network ATM for your bank Deposited a check to your account using your phones camera Managed your investments 90% 48% 42% 33% 26% 21% 11% 2%

Survey of mobile banking users. Federal Reserve, Consumers and Mobile Financial Services, March 2012

FACT: Mobile convenience extends beyond banking. The percentage of people using mobile applications or websites for insurance and brokerage information has increased by 19% and 10% respectively over the past year, according to a recent comScore study. FACT: Mobile phone use is highest among younger generations, minorities, and those with low levels of incomegroups that are prone to be unbanked or underbanked, according to the Federal Reserve. Mobile banking and mobile payments have the potential to expand financial access to the unbanked and underbanked by reducing transaction costs and increasing the accessibility of financial products and services. FACT: A strong majority of consumers (67%) say they would use mobile banking if they felt confident in its security. August 2012

Consumers who express concerns about the security of mobile banking are concerned with hackers gaining access to their phone remotely (54%), losing their phone or having it stolen (19%), and experiencing data interception by a third party (18%).

FACT: Consumers should only install verified mobile banking software from a trusted institution. Users should protect their phone, use strong passwords, and report a lost phone immediately to the bank. View more safety tips here. If you have questions about mobile payments or mobile security, please contact Ann Patterson at ann@fsround.org. Financial Services HOTLINE: If you have questions about this topic or any other issue facing financial services, please reach out to Abby McCloskey, Director of Research at the Financial Services Roundtable, at 202-589-2531 or Scott Talbott, Senior Vice President of Government Affairs, at 202-289-4322. Learn more about the Financial Services Industry at www.OurFinancialFuture.com. OurFinancialFuture.com is continuously updated to bring you the most useful information about the industry in real-time.
www.RoundtableResearch.org

August 2012