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Mobile banking can help underbanked and unbanked consumers have more control over their finances, increase access to money and help with long-term financial management, according to a new FDIC report released Wednesday.

The report also identified a set of strategies for financial institutions to consider so they can be better positioned to help meet the needs of underserved consumers. For example, the report included the financial products most underserved consumers say they use to manage their day-to-day finances, such as cash, checks, money orders, debit cards and prepaid cards.

As far as what mobile financial products seem well-suited to address the needs of the underserved, the report listed: account management tools, alerts, mobile bill pay, mobile remote deposit capture and mobile account opening.

FDIC's research for this report included focus groups of underserved consumers from diverse markets. FDIC then shared the consumers' thoughts with participants from the financial services industry that develop and use mobile banking technology, including credit unions.

The report identified seven core financial services needs for underserved consumers and noted that mobile banking can address many of these needs. Among the core needs identified:

• control over finances;
• access to money;
• convenience;
• affordability;
• security;
• customer services; and
• long-term financial management.

The FDIC is seeking input from financial institutions, consumer groups and others on its plans to create opportunities for mobile financial services that would enhance the banking experience of underserved consumers. Comments are due by June 15.