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Thursday, September 11, 2014

ABA Comments on Mobile Financial Services

The ABA submitted a comment letter to the CFPB regarding the use of mobile financial services by consumers. ABA mentioned that mobile banking offers potential for broad financial inclusion and ‘anytime, anywhere’ banking. However, mobile banking also has limitations. In the letter ABA SVP Nessa Feddis states:

The convenience of mobile banking... offers the potential to persuade the unbanked and underbanked to choose bank products and services. However, mobile banking will not eliminate all the reasons people choose not to use bank products and services. The industry will continue its efforts to implement new technologies to empower consumers to take more control over their finances and to achieve their financial goals.

Read the letter.

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