Pew Suggests Ways to Improve Mobile Financial Services

On June 14, Pew filed the following letter with the Federal Deposit Insurance Corp. in response to the Division of Depositor and Consumer Protection’s request for comments on its plan to explore how mobile financial services might better serve the unbanked, those without a bank account, and underbanked consumers—those who have a checking or savings account but rely on alternative financial services.

The letter highlights Pew’s research on mobile financial services, including reports on the regulatory landscape for mobile payments and surveys examining why consumers use or do not use their phones to make purchases or transfer funds, with a focus on the unbanked. Pew’s research provides critical insights into how banks and nonbank providers of mobile financial services can better serve the needs of all consumers.