Developments in 

Mobile Financial Services

December 13, 2012
FEDERAL DEPOSIT INSURANCE CORPORATION

Overview of Current Efforts

The Mobile Financial Services Subcommittee Work Plan includes keeping 

the Committee informed about the breadth of mobile financial services 

available to consumers. With this in mind, we are:

 Exploring how mobile technologies are being leveraged by financial 

service providers and used by consumers – and how those technologies 

may provide new opportunities to draw the unbanked and the 

underbanked into the financial mainstream.

 Reviewing mobile apps currently used in the marketplace and the 

features of those apps that may have value to the unbanked and 

underbanked. 

 Engaging in a dialogue on these issues with stakeholders, including 

mobile app developers and technology vendors. 

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FEDERAL DEPOSIT INSURANCE CORPORATION

Scope of Initial Efforts

As an initial step to understanding the mobile app landscape, we are:

 Reviewing the most popular financial apps available through Apple iTunes 

and Google Play.

 Considering how these apps relate to each other in the marketplace and 

how they can be categorized (i.e. mobile banking, mobile payments, 

financial management, financial education)

 Noting important features (e.g., remote deposit capture, account transfers, 

peer-to-peer transfers, alerts / notifications, balance inquiry, bill pay, 

location finder, deals / rewards, prepaid card reloading, budgeting, and point 

of sale payments). 

Although not a scientific research study, this is helping us better 

understand what we have read in reports and heard about in conferences. 

It is also helpful to see the menu of available financial apps in a way that 

consumers would experience. 

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FEDERAL DEPOSIT INSURANCE CORPORATION

Financial App Landscape

Financial 

Management

Apps

Mobile 

Payments

Apps

Mobile 

Banking

Apps

Financial 

Education

Apps

Size is illustrative of number of apps in each 

category. 

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FEDERAL DEPOSIT INSURANCE CORPORATION

Financial Management Apps

 Budgeting

 Alerts / Notifications

 Balance Inquiry

 Account Transfers

 Bill Pay

Common 

Features

Other 

Features

 Finance calculators 

 Account aggregators

 Budget and bill tools

Examples  Financial Education

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FEDERAL DEPOSIT INSURANCE CORPORATION

Mobile Banking Apps

 Balance Inquiry

 Account Transfers

 Bill Pay

 Location Finder

 Alerts & Notifications

 Peer-to-Peer Transfers

 Remote-Deposit Capture

 Deals / Rewards

Common 

Features

Other 

Features

 Large banks, small banks, credit unions

Examples

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FEDERAL DEPOSIT INSURANCE CORPORATION

Financial Education Apps

 Alerts / Notifications

 Budgeting

 Balance Inquiry

Common 

Features

Other 

Features

 Debt payoff planning

 Credit score monitoring

 Money tips

Examples  Savings plans

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FEDERAL DEPOSIT INSURANCE CORPORATION

Mobile Payments Apps

 Peer-to-Peer Transfers

 Account Transfers

 Balance Inquiry

 Bill Pay

 Location Finder

 Remote Deposit Capture

 Alerts / Notifications

 Deals / Rewards

 Point of Sale Purchases

Common 

Features

Other 

Features

 Point of sale payments

Examples  Money transfers

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FEDERAL DEPOSIT INSURANCE CORPORATION

Selected Features of Mobile 

Financial Services Technology

 P2P/ Billpay

 Mobile Imaging Technology

 Alerts / Notifications 

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FEDERAL DEPOSIT INSURANCE CORPORATION

Mobile Imagining Technology

 Remote Deposit Capture

 Immediate Availability of Funds

 Enrollment: 

 Direct Deposit

 Bill Payment

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FEDERAL DEPOSIT INSURANCE CORPORATION

Alerts / Notifications

 Real Time Financial Awareness

 Enhanced Delivery of Financial 

Education and Money Management

 Incentives (e.g. Peer Awareness) 

 Directly Linked to Financial Activity

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FEDERAL DEPOSIT INSURANCE CORPORATION

Mobile Financial Services 

Technology

 Valuable Features

 Convenience

 Real-Time Financial Awareness

 Potential Impact:

 More attractive banking services

 Increased Effectiveness of Financial 

Education and Financial Management tools

 More sustainable banking relationships

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