Mobile Apps and Financial Decision Making*

Bruce Carlin, Arna Olafsson and Michaela Pagel

Review of Finance, 2023, vol. 27, issue 3, 977-996

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.

Keywords: Household Finance; Mobile Apps; Financial Mistakes; Bank Fees; Attention to Personal Finances; Access to Financial Information; Bank Data (search for similar items in EconPapers)
JEL-codes: D14 D83 G02 G5 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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