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Consumers rely on their financial institutions for multiple reasons and seek multiple channels to access account information and conduct their business. Technology is drastically impacting how consumers manage their finances and their time, and service delivery options are morphing right along with consumer preferences.
In a 2016 study conducted by the Federal Reserve, 53 percent of all smartphone users with an account at a financial institution have used mobile banking within the 12 months leading up to the survey. For consumers who’ve made the switch to online or mobile banking, the most common reason is convenience.
Tips on How to Use Technology to Manage Your Finances: