U.S. House of Representatives Subcommittee Examines Mobile Technology, Financial Inclusion and Financial Literacy

Amid the many major developments taking place throughout the world in the areas of financial literacy and financial inclusion, the United States House of Representatives Subcommittee on Financial Institutions and Consumer Credit took its first steps forward in examining how technology can help promote consumer financial literacy.

To coincide with the end of Financial Literacy Month on April 30, 2014, the Subcommittee held a hearing to discuss and debate how technology improvements can enable consumers to make better informed decisions regarding money management and their future financial planning. The hearing came on the heels of more data showing the continued rise in consumers’ use of mobile devices for banking services and to monitor and manage their credit and bank accounts.

The Federal Reserve has just released data establishing that as access to mobile technology increases, so does the ability of individuals to conduct financial transactions. The data shows that roughly ninety percent of adults in the United States have a mobile phone that can be used as a tool for effective budgeting, saving, tracking of expenditures and other important day-to-day money management objectives. Financial inclusion advocates argue that mobile phones enable individuals to enhance their savings habits through their phone applications such as those that give them immediate access to bank account balances and check depositing capabilities.

Among those who were asked to speak at the hearing are the following individuals:

• Alicia Puente Cackley, director, Financial Markets and Community Investment, Government Accountability Office
• Gabriel Krajicek, chief executive officer, BancVue
• Stephen Kehoe, senior vice president and global head of financial inclusion, Visa
• Barry Saik, senior vice president and general manager, consumer ecosystem group, Intuit
• Sabrina Lamb, CEO, WorldofMoney.org

The hearing can be viewed here.