Primary tabs
The National Urban League Wire
Published: Wed. Dec 31, 1969 at 7:00 pm | Updated: Fri. Sep 18, 2015 at 11:55 am | Comments: 0
Banks are closing branches and relying more heavily on technology to serve customers. Concerns that online and mobile banking don't reach all customers could leave banks open to allegations of discrimination.
The concern among some industry observers is that low- to moderate-income groups, particularly minorities, potentially lack an appropriate level of access to online and mobile banking products. Whether technology is a sufficient substitute for a brick-and-mortar offices is a complicated issue that evokes passionate responses.
The National Urban League, the National Council of La Raza and the National Coalition for Asian Pacific American Community Development completed a study last year that looked at how low- and moderate-income minority communities access financial services (click here to read the Banking in Color report). Just 11% of respondents were comfortable conducting financial transactions online or with a mobile device. Respondents were also more likely to turn to human interaction, such as asking a bank employee, for financial advice, rather than completing research online.
Click here to read the full article on the American Banker website.
The concern among some industry observers is that low- to moderate-income groups, particularly minorities, potentially lack an appropriate level of access to online and mobile banking products. Whether technology is a sufficient substitute for a brick-and-mortar offices is a complicated issue that evokes passionate responses.
The National Urban League, the National Council of La Raza and the National Coalition for Asian Pacific American Community Development completed a study last year that looked at how low- and moderate-income minority communities access financial services (click here to read the Banking in Color report). Just 11% of respondents were comfortable conducting financial transactions online or with a mobile device. Respondents were also more likely to turn to human interaction, such as asking a bank employee, for financial advice, rather than completing research online.
Click here to read the full article on the American Banker website.
»
