Mobile Banking in New England is Mainstream: 2014 Mobile Banking and Payments Survey of Financial Institutions in the First District – Summary of Results 
The Federal Reserve Bank of Boston (FRBB) and NEACH conducted a mobile banking and payments survey of financial institutions (FIs) in New England in 3Q 2014. This report presents aggregate information from 179 financial institutions: 109 banks and 70 credit unions (a response rate of 26%).The findings illustrate an active environment for mobile banking and, prospectively, for mobile payments in the future. The most significant finding was that mobile banking should now be considered a baseline service that New England financial institutions (FIs) must offer to meet the demands of consumers and businesses and to remain competitive. Also notable was the pace of change in mobile services offered by the New England financial community – a dramatic uplift from prior years' survey findings. Institutions in the region are continuing to offer new banking and payment services via the mobile channel and are adding more customers to their mobile banking services.
Key Findings
- Mobile banking must now be considered a baseline banking service for banks and credit unions in New England.
- Mobile banking is a free service to the market by virtually all FIs.
- Mobile banking services are seen as a key tool for customer retention by both banks and credit unions.
- FIs offer an expanding array of mobile banking services to consumers and, increasingly, to businesses – and agree on essential functionality set.
- 2014 saw a dramatic uplift in customer adoption rates over 2012-13 rates.
- Mobile payments are on the horizon.
Exhibits
