Advertiser Disclosure

Survey Finds Mobile Apps Build Financial Inclusion Among Unbanked Americans

Nov. 3, 2014
Banking
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

If you’re among the unbanked in America and you own a smartphone, that little device could be your onramp to the financial mainstream. Mobile apps may encourage the use of traditional banking services, according to a Federal Deposit Insurance Corp. survey.

Smartphones are changing how people approach banking, most significantly among the underbanked, which includes those households that have an account at a financial institution but use alternative service providers such as check-cashing stores or payday lenders, the FDIC said in reporting the survey results. The agency says that about 30% of underbanked households use mobile devices to get into their accounts, compared with almost 22% of fully banked households.