FDIC Report Shows Mobile Banking Can Help Underserved Consumers — 2016-05-25

Mobile banking can help underserved consumers obtain more control over their finances and increase access to mainstream banking, according to a Federal Deposit Insurance Corporation (FDIC) report released today. The report was released at a meeting of the FDIC’s Advisory Committee on Economic Inclusion (ComE-IN), which focused on Mobile Financial Services (MFS). The paper, Opportunities for Mobile Financial Services to Engage Underserved Consumers, reports on the findings from qualitative research with consumers and industry stakeholders and identifies a set of strategies for banks to consider to better position them to meet underserved consumers’ needs. Underserved households are those that are either unbanked or underbanked. Unbanked households are those without an account at an insured banking institution. Underbanked households have an account but also utilize nonbank alternative financial services providers. The FDIC is committed to expanding economic inclusion in the financial mainstream by ensuring that all Americans have access to safe, secure, and affordable banking services.