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Volume 25 - Number 19

September 15, 2014

Lender Reps See Potential and Concern in Use of Mobile Tech

Smaller financial institutions told the CFPB they see some positive possibilities for facilitating the banking needs of certain economically vulnerable segments of society through the use of mobile technologies. However, there are certain limitations with current capabilities, as well as unique security and fraud concerns. “The increased availability and use of not only mobile phones but mobile devices across a wide spectrum of sizes, weights and portability, as well as the continuing expansion of the mobile banking functions and capabilities of those devices, offer opportunity to expand bank services to current banking customers as well as those who are termed unbanked or underbanked,” the American Bankers Association said. While mobile banking offers potential for financial inclusion, it is not a ...

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