Articlebronze2022

Mobile Apps and Financial Decision Making

Bruce Ian Carlin · Arna Olafsson · Michaela Pagel

39 citations0/0 files storedEuropean Finance Review

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Digital Transformation in Financial Services Financial Literacy, Pension, Retirement Analysis FinTech, Crowdfunding, Digital Finance

Abstract

We exploit the release of a mobile application for a financial aggregation platform to analyze how technology adoption changes consumer financial decision making. The app reduced the cost of accessing personal financial information, and we find that this led to a drop in non-sufficient fund fees. Because of the manner in which these fees are incurred, this represents an unambiguous welfare improvement for users of the platform. The leading explanation for this result appears to be mistake avoidance due to easier access to information.

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2013Risk Sharing and Transactions Costs: Evidence from Kenya's Mobile Money Revolution 2008Universal Child Care, Maternal Labor Supply, and Family Well‐Being 2011No Child Left Behind: Subsidized Child Care and Children's Long-Run Outcomes 2014Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees 2015Technology device ownership: 2015 2009What Do Consumers Really Pay on Their Checking and Credit Card Accounts? Explicit, Implicit, and Avoidable Costs 2018Moral Incentives in Credit Card Debt Repayment: Evidence from a Field Experiment

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