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Report: Bringing Financial Services to the Underbanked via Mobile Phones

Think firm cites "vast potential" for mobile financial management and transaction tools.

By Robert McGarvey | Updated on September 07, 2011

Can the mobile phone bring a range of financial transactions and services to the underbanked? That is the thesis of a new report out of Celent, the global consultancy, and Center for Financial Services Innovation.

Central to the report’s argument is that – given the near ubiquity of mobile phones today and the fact that just about all of them now have Web access capabilities –  “there is vast potential for a robust suite of mobile financial management and transaction tools to strengthen the financial lives of underbanked consumers,” said the report.

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