IDG Contributor Network: Fraud follows mobile banking adoption
Since 2011, the Federal Reserve Board has conducted an annual survey that asks consumers how they use their mobile phones to interact with financial institutions, make payments, and manage their personal finances.Here are some of the key takeaways from the 2016 survey: In 2015, 67% of Millennials used mobile banking. This compares to 18% for those consumers aged 60 or over. And the usage gap is widening. 40% of the unbanked had access to a smartphone. 70% of the underbanked were smartphone owners. Driven by lower requirements for account creation, lower cost of banking, and ease of use of mobile banking solutions, consumers who have traditionally been excluded from the banking system and consumers who are coming of age for banking solutions are adopting mobile banking rather than opting for traditional banking solutions like ATMs or branch tellers. The accelerated adoption of mobile banking by Millennials, the underbanked and the unbanked is even more obvious in developing markets which (a) have a lot more underbanked and unbanked consumers and which (b) are leapfrogging desktop Internet to move directly to mobile Internet.To read this article in full or to leave a comment, please click here


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