Under-Banked Consumers skew Higher in Mobile Banking Use

Susan Burhouse, senior consumer researcher for the FDIC’s division of depositor and consumer protection, spoke at the American Banker’s Financial Services Marketing & Innovation Symposium last week. where she told the audience that the FDIC’s latest research shows that 33% of un-banked households and 65% percent of underbanked households have smartphones.

Of these under-banked households, 42% used mobile financial services in the past year.  That compares to 33% of fully banked households.   About 1/3 of under-banked households who use their mobile phone as the primary way they interact with their bank, compared to 22% of traditionally-banked mobile banking users.