Study: Mobile Bankers Should Target Low-Income Consumers

  • January 31, 2008
Mobile banking must be available to a majority of wireless subscribers including pre-paid and low-income consumers if it's to be successful in North America, according to a new study by Yankee Group.

Unlike in other countries, m-banking in North American markets is typically geared toward more affluent and tech-savvy users as a convenience. Low-income consumers in North America make up 21% of all cell phone users, but technology and price barriers keep this group from adopting m-banking services.

To broaden access, the report advises mobile banking providers need to target low-income consumers-possibly by partnering with a physical bank or national retailer-and making the service easy to use.

--Mark Walsh

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