Unfortunately, it’s not a reality for everyone, and there are billions of people around the world who don’t have the opportunity to take advantage of tools such as mobile banking to help them manage their finances. In the United States alone, there are roughly 35 million financial nomads who are not reaping the benefits mobile banking has to offer.
Recognizing this, the Consumer Financial Protection Bureau (CFPB) has recently initiated a study to determine just how many under-served consumers could benefit from the expansion of mobile banking services. This multi-faceted study will take a look at infrastructure, legislation, and other factors that are facilitating or inhibiting mobile banking. It will also examine the impact and breadth of data breaches via mobile systems, and compare this information to breaches that have occurred via computers. The goal is to determine safe, effective, and easy-to-implement mobile banking solutions that can be adopted by financial institutions across America.
Once completed later this year, the CFPB will release the results of the study along with their recommendations. As of now, the study is scheduled to continue through September 9th. For more information — and to participate — read the CFPB release regarding the size, scope, and purpose of the study. I encourage everyone to include their own opinions and experience in the discussion; the more information that is collected, the more accurate and effective the resulting recommendations will be.
It is my resolute belief that the growth of mobile technology will open many doors to the financially under-served, and that this study will yield many positive recommendations that will help lower-income populations bridge the growing financial divide.
Every day in America, nearly 74,000 customers access mobile banking services for the first time, and take a giant leap towards effective and real time management of their finances in the process. As smartphone and tablet technology continues to take off, mobile technology has the potential to be a game changer for financial nomads and economies around the world. I’m looking forward to participating in the discussion, and also reading the CFPB’s recommendations once they are finalized.