Cell Phones Offer Financial Access, Control

Along with prepaid cards, cell phones may help people without accounts to gain access to financial products.

According to Javelin Strategy & Research, 68 percent of consumers who do not have a checking account do have a mobile device, which they could use to access banking services. As mobile banking becomes more popular, cell phones may play a role in helping consumers to access financial services, according to the research.

But what about security? The experts say mobile banking is safe, with encryption of pin and account numbers. While the future looks promising in this area, experts advise that complicated transactions are still best taken to the bank.