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Pew Survey on Smart Phone Usage Should Inform Mobile Banking

Adam Rust's picture

Posted May 8, 2014

Data attained from the Pew Center's recently released "25th Anniversary of the Web" survey includes some telling details about how Americans are adopting the smart phone. Simple crosstabs suggest that the ability of smart phones to reach traditionally underbanked consumers is very real and very significant. 

According to their January 2014 Omnibus, smart phone penetration tends to be highest in populations that are

Mobile Banking in the Third World

Adam Rust's picture

Posted December 9, 2009

How do these folks bank?

  • carpool
  • Mobile banking?
  • Internet banking?
  • ATM/point of purchase banking
  • Branch banking?

OK...ha ha.  But there is a point...as our banking system is duplicated in other countries, what assumptions about US banking are relevant, and what notions should be dropped?

I believe that mobile banking is the way of the future.  Already, mobile banking is the preferred mode of banking for new customers in India and China.

The Indian experiment

India is a developing country, but it is one that is rapidly adding to its currency reserves.  India remains a country with too much of its population living in villages.  The village in India is a bit like the family farm in

Will the CRA be able to Keep Up with Mobile Banking?

Adam Rust's picture

Posted July 29, 2009

Its a maxim that regulators can never quite catch up with the changes made by practitioners.  Mobile banking threatens to become the next example of that concept.  It very well could lead to undermine the Community Reinvestment Act (if unwittingly) unless some kind of regulatory fix occurs first.

The new Community Reinvestment Act Modernization bill (HR 1479) seeks to help that legislation catch up with the set of financial innovations that have occurred since the bill was last modified in 1993.  A lot has happened.  There is a lot of catching up to do.

That bill was drafted this spring.  Even now, though, it appears that the market is changing so fast that there could be a need for new amendments to the bill's language before it is heard by the House Financial Services committee in the fall.

Today, there is news out of Charlotte than Bank of America is going to close one out of every ten of

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