Mobile Banking on a Tear, Says Fed

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The Federal Reserve Board has released its fourth annual study of consumers’ mobile commerce behaviors. The report shows a continued boom in banking on mobile phones and other devices rather than at a teller desk. Central to the report’s findings is the growing number of “banked” consumers — those with full access to bank services — who also use a smartphone, and the number of those users who are taking advantage of mobile banking features. Thirty-nine percent are doing some or all of their banking online, compared to 33 percent last year.

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