(NewsUSA) - It seems that almost anything can be done with a click of a mouse or a downloaded app these days -- including your banking. Online-only banks are gaining popularity for many reasons, as more people become comfortable with managing their finances online. According to the Consumers and Mobile Financial Services 2016 report from the Board of Governors of the Federal Reserve System, "forty-three percent of all mobile phone owners with a bank account had used mobile banking in the 12 months prior to the survey, up from 39 percent in 2014 and 33 percent in 2013." Although checking one's account balance is the most popular mobile banking activity, mobile banking offers many other advantages, including: -Greater efficiency. Mobile banking with an app allows consumers to bank 24/7, without the hassle of having to locate and visit a brick-and-mortar bank. -Greater savings. Consumers who open a checking account with Republic Bank & Trust Company's MemoryBank can earn up to 1.50 percent Annual Percentage Yield (APY) on their deposits, so long as they meet a monthly minimum of one direct deposit and five debit card uses, and receive online statements, as detailed by visiting MyMemoryBank.com/info. By contrast, rates at typical brick-and-mortar banks range from 0.04 percent to 0.06 percent. The reduced operating costs of a branchless bank allow MemoryBank to pass the infrastructure savings along to its customers. -Fewer fees. Many brick-and-mortar banks still charge a monthly maintenance fee for accounts, as well as fees for using non-network ATMs; MemoryBank charges no maintenance fees for its EarnMore Checking account and offers access to more than 85,000 ATMs worldwide with no fee. Although privacy and security remain concerns for consumers, most are taking steps to protect themselves while enjoying the benefits of mobile banking. The Consumers and Mobile Financial Services 2016 report, which includes survey results from approximately 2,500 adults in the United States, finds that 84 percent of consumers use mobile banking install updates, 70 percent use password protection on their phones, and 58 percent use customized privacy settings. Today's consumers use smartphones to inform financial decisions, according to the report. For example, 43 percent of mobile banking users in the survey who received a low balance alert moved money into the account. For more information about the benefits of mobile banking, visit MyMemoryBank.com/info.