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Report
Consumers and Mobile Finance Services 2012
Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. This report presents findings from an online survey, conducted in December 2011 and January 2012, examining the use of mobile technology to access financial services and make financial decisions.
Report
Report on the Economic Well-Being of U.S. Households in 2013
Many households in the United States have been tested by the Great Recession. Large-scale financial strain at the household level ultimately fed into broader economic challenges for the country, and the completion of the national recovery will ultimately be, in part, a reflection of the well-being of households and consumers. Because households’ finances can change at a rapid pace and new opportunities and risks may emerge, such recovery can be complex to monitor. To better understand the financial state of U.S. households, the Federal Reserve Board conducted a new consumer survey, the ...
Working Paper
The Determinants of Subprime Mortgage Performance Following a Loan Modification
We examine the evolution of mortgage modification terms obtained by distressed subprime borrowers during the recent housing crisis, and the effect of the various types of modifications on the subsequent loan performance. Using the CoreLogic LoanPerformance dataset that contains detailed loan level information on mortgages, modification terms, second liens, and home values, we estimate a discrete time proportional hazard model with competing risks to examine the determinants of post-modification mortgage outcomes. We find that principal reductions are particularly effective at improving loan ...
Report
Consumers and Mobile Finance Services 2014
Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. The survey examines trends in adoption and use of mobile banking and payments, and how the emergence of mobile financial services affects how consumers interact with financial institutions. This report presents findings from the 2013 survey, which examined consumers’ use of mobile technology to ...
Report
Consumers and Mobile Financial Services 2013
Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. In December 2011, the Federal Reserve Board conducted its first survey of consumers’ use of mobile financial services, and released a summary report in March 2012 (referred to as the 2011 survey). Given the rapid pace of developments in the area of mobile finance, the Board conducted a second survey in late November 2012 to examine trends in adoption and use of mobile banking and payments (referred to as the 2012 survey). This report presents findings from the 2012 online survey, ...
Report
Consumers and Mobile Financial Services 2012
Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. This report presents findings from an online survey, conducted in December 2011 and January 2012, examining the use of mobile technology to access financial services and make financial decisions.
Report
Report on the Economic Well-Being of U.S. Households in 2013
Many households in the United States have been tested by the Great Recession. Large-scale financial strain at the household level ultimately fed into broader economic challenges for the country, and the completion of the national recovery will ultimately be, in part, a reflection of the well-being of households and consumers. Because households’ finances can change at a rapid pace and new opportunities and risks may emerge, such recovery can be complex to monitor. To better understand the financial state of U.S. households, the Federal Reserve Board conducted a new consumer survey, the ...
Journal Article
Use of financial services by the unbanked and underbanked and the potential for mobile financial services adoption
The increased use of mobile devices coupled with the evolution of technologies that enable consumers to conduct financial transactions using mobile phones has the potential to change how consumers manage their finances. Innovations in financial service technologies may also help foster access and inclusion in the mainstream financial system for unbanked or underbanked consumers. Using data collected through the Board?s Survey of Consumers and Mobile Financial Services, this article examines the characteristics of unbanked and underbanked consumers, their current use of mobile financial ...
Report
Consumers and Mobile Finance Services 2013
Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. In December 2011, the Federal Reserve Board conducted its first survey of consumers’ use of mobile financial services, and released a summary report in March 2012 (referred to as the 2011 survey). Given the rapid pace of developments in the area of mobile finance, the Board conducted a second survey in late November 2012 to examine trends in adoption and use of mobile banking and payments (referred to as the 2012 survey). This report presents findings from the 2012 online survey, ...
Report
Consumers and Mobile Financial Services 2014
Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. The survey examines trends in adoption and use of mobile banking and payments, and how the emergence of mobile financial services affects how consumers interact with financial institutions. This report presents findings from the 2013 survey, which examined consumers’ use of mobile technology to ...