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Use of financial services by the unbanked and underbanked and the potential for mobile financial services adoption

Author

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  • Matthew B. Gross
  • Jeanne M. Hogarth
  • Maximilian D. Schmeiser

Abstract

The increased use of mobile devices coupled with the evolution of technologies that enable consumers to conduct financial transactions using mobile phones has the potential to change how consumers manage their finances. Innovations in financial service technologies may also help foster access and inclusion in the mainstream financial system for unbanked or underbanked consumers. Using data collected through the Board?s Survey of Consumers and Mobile Financial Services, this article examines the characteristics of unbanked and underbanked consumers, their current use of mobile financial services, and the potential for mobile banking and payments to better integrate these consumers into the financial mainstream.

Suggested Citation

  • Matthew B. Gross & Jeanne M. Hogarth & Maximilian D. Schmeiser, 2012. "Use of financial services by the unbanked and underbanked and the potential for mobile financial services adoption," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 98(Sept), September.
    • Handle: RePEc:fip:fedgrb:y:2012:i:sept:n:v.98no.4
    DOI: 10.17016/bulletin.2012.98-4
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2012/articles/MobileFinancialServices/mobile-financial-services.htm
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2012/pdf/mobile_financial_services_201209.pdf
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    Cited by:

    1. Paul Hagstrom & Javier Pereira, 2021. "Financial inclusion of individuals who arrived as refugees to the United States," Journal of International Development, John Wiley & Sons, Ltd., vol. 33(4), pages 752-779, May.
    2. Allen, Franklin & Demirguc-Kunt, Asli & Klapper, Leora & Martinez Peria, Maria Soledad, 2016. "The foundations of financial inclusion: Understanding ownership and use of formal accounts," Journal of Financial Intermediation, Elsevier, vol. 27(C), pages 1-30.
    3. Akartuna, Eray Arda & Johnson, Shane D. & Thornton, Amy, 2022. "Preventing the money laundering and terrorist financing risks of emerging technologies: An international policy Delphi study," Technological Forecasting and Social Change, Elsevier, vol. 179(C).
    4. Luminiţa Ionescu & George Lăzăroiu & Silviu Şerban, 2013. "A theory of the availability and level of consumer protection in online and mobile payments for public economic services," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(34), pages 369-384, June.
    5. Leora Klapper & Sandeep Singh, 2015. "The Gender Gap in the Use of Financial Services in Turkey," World Bank Publications - Reports 25412, The World Bank Group.
    6. W. Scott Frame & Larry D. Wall & Lawrence J. White, 2018. "Technological Change and Financial Innovation in Banking: Some Implications for Fintech," FRB Atlanta Working Paper 2018-11, Federal Reserve Bank of Atlanta.
    7. J. Michael Collins & Sarah Halpern-Meekin & Melody Harvey & Jill Hoiting, 2023. "“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents," Journal of Family and Economic Issues, Springer, vol. 44(4), pages 807-820, December.
    8. Bose, Udichibarna & Arun, Thankom & Arun, Shoba, 2021. "Do information networks benefit households with female heads?," Economic Modelling, Elsevier, vol. 103(C).
    9. Shaw, Norman, 2014. "The mediating influence of trust in the adoption of the mobile wallet," Journal of Retailing and Consumer Services, Elsevier, vol. 21(4), pages 449-459.
    10. Luisa Blanco & Salvador Contreras & Amit Ghosh, 2022. "Impact of Great Recession bank failures on use of financial services among racial/ethnic and income groups," Southern Economic Journal, John Wiley & Sons, vol. 88(4), pages 1574-1598, April.
    11. Abhinav Shanbhag, 2022. "Exploring Causes, Effects, and Solutions to Financial Illiteracy and Exclusion among Minority Demographic Groups," Papers 2210.11403, arXiv.org.

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