Federal Reserve Report: Consumers Really Like mRDC
Reports Point to Rapid Uptake
New data from the Federal Reserve Board points to rapid consumer uptake of mobile remote deposit capture, with the percentage of consumers using mRDC nearly doubling in a year.
According to Consumers and Mobile Financial Services 2013, released by the Fed last month, 87% of adult Americans now have mobile phones and 52% of those devices are smartphones. “The ubiquity of mobile phones is changing the way consumers access financial services,” the Fed wrote. Indeed, 28% of all mobile phone owners used those devices to conduct banking transactions last year, up from 21% in 2011; among smartphone owners 48% used mobile banking last year, up from 42% in 2011.
Checking account balances is the most common mobile banking application with consumers (87% of those surveyed said they checked account balances using their mobiles).
But the biggest gains have been in mobile deposit applications, the Fed said. Last year 21% of those consumers considered "mobile bankers" reported making mobile check deposits to their bank and credit union accounts, almost double the 11% who said they did so in 2011.
Consumers and Mobile Financial Services 2013 is part of an ongoing effort by the Fed to monitor trends in mobile financial services and to understand the broader implications for consumers and the overall economy. The data was based on a survey of nearly 2,600 consumers that the Fed commissioned late last year, following a similar survey in late 2011.
Meanwhile, a recent report from hardware manufacturer Diebold suggests mobile services, like RDC, will continue along a sharp growth trajectory as the “millennial” generation matures.
Definitions vary, but the general sense is that members of the millennial generation (sometimes called “echo-boomers”) were born between the early 1980s and the early 2000s. They’re technology savvy, having grown up with PCs, mobile phones and the Internet.