Smart Phones Helping Consumers Manage Their Money
Using a mobile device to access your bank account is not only convenient, but it appears to be helping consumers better manage their finances.
A new Federal Reserve study, Consumers and Mobile Financial Services, shows that mobile phones and Internet access are in widespread use and changing the way that consumers access their financial services.
According to the study, 21 percent of mobile phone owners have used mobile banking in the past twelve months, and an additional 11 percent think they will probably use it within the next year.
Two-thirds of mobile banking users say they used their mobile phone to check an account balance or available credit before making a large purchase in the past twelve months. Of this group, 59 percent say they did not make a purchase due to the amount of money or available credit in their bank account.
One-third of mobile banking users say they receive text message alerts from their bank, and a majority of this group receives alerts for a low balance. Nearly all of mobile bankers report taking an action after they received a low-balance text alert from their bank. They either transferred or deposited money into the account, or reduced their spending.