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5 Tech Trends Helping Unbanked People Access Financial Services

Mobile banking is booming. Online payment services are all the rage.

These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the US Census Bureau to collect responses from more than 30,000 households in the United States in June 2021.

This year’s survey had a number of takeaways with implications for banking technology, including the prevalence of mobile banking as the primary form of account access, usage patterns of online payment services and technologies that have potentially helped more people obtain banking services or find alternatives. to predatory services. Even though the national unbanked rate has fallen, there are persistent problems with access to banking services among minorities – an issue that has technological implications that are not discussed in detail in the report.

“We’ve had nearly a decade of large-scale digitization of financial services and mass adoption of smartphones,” said Sarah Morgenstern, venture capital partner at Flourish, a venture capital firm that invests in startups. focused on financial health. “This has helped reduce costs and increase access to financial products at fair prices, especially for low- and middle-income consumers.”