One of five American consumers used their mobile phone to access their bank account, credit card, or other financial account in the 12 months ending last January, and an additional one in five indicated they likely would use mobile banking at some point in the future, says a Federal Reserve Board survey released earlier this month.

The survey's findings suggest that the use of mobile banking is poised to expand further during the next year, with usage possibly increasing to one of three mobile phone users by 2013. The survey also indicates, though, that many consumers remain skeptical of the benefit of mobile banking and the level of security with the technology.

The use of mobile banking is correlated with age, according to the survey results. People between ages 18 and 29 account for 44 percent of mobile banking users and represent 22 percent of all mobile phone users. Conversely, people age 60 and over account for only 6 percent of all mobile banking users—but 24 percent of mobile phone users. The survey showed a significantly higher level of mobile banking uptake among African Americans (16 percent) and Hispanics (17 percent), relative to 11 percent and 13 percent of mobile phone users, respectively.

The widespread use of mobile technology has the potential to expand access to financial services for previously underserved populations. Underbanked individuals—people with bank accounts but who use check cashers, payday lenders, or payroll cards—make relatively heavy use of mobile banking, according to the survey. Of this group, 29 percent used mobile banking in the 12-month period ending in January.

The survey found that the most common mobile banking activities are consumers checking their account balances or monitoring recent transactions.