Consumers Using Phones to Bank, but Not Buy

US citizens tend to use their smartphones for banking. According to a survey done in 2012, the number of Americans who use their cell phones for banking increased by 33%.

The Federal survey discovered that US citizens tend to check balances, pay bills and deposit checks using their cell phones, such as Samsung Galaxy S3 and other phones. They are reluctant to make use of their iPhones, though.

Six percent of smartphone users used their smartphones to purchase their desired items in the last 12 months, and 20% of those say that they like to use their cell phones to make purchases, the Fed added.

Bank of America tends to accept more checks from smartphones on a daily basis. According to the reports, the bank processes around 100,000 checks every day from smartphones. The bank started offering this service a year back.

Over 70% of leading banks offer smartphone banking. Only 27% of the community banks offered similar services in 2011, according to the latest data provided by the American Bankers Association.

More and more banks are trying to offer mobile phone banking services, and smaller banks tend to get help from the interbank service providers. Some banks seem to buy apps from outside builders so as to provide better mobile services to their customers, said Mr. Johnson.