FinTech Can Prevent "Banking Deserts"
A recent Milken Institute report on #FinTech described policies that can potentially prevent "Banking Deserts". These are defined as locations without a bank branch within 10 miles. The St. Louis Fed identified 1,100 locations and an additional 1,000 potential deserts as presented in the chart below from the report.
The report states - "The proliferation and use of mobile technology, particularly for mobile banking purposes, has the potential to bring more people into the formal financial system, as well as maintain the relationship between the financial services provider and customer, even if that financial services provider no longer has a physical presence in the community."
Full report at:
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