Electronic innovations like smart cards and the Internet promise to cut operating costs so dramatically that banks can become more accessible to the poor and other underserved constituencies, bankers told a House subcommittee Thursday.

The trend is already well under way in the form of acccounts that are essentially free if customers use only automated teller machines and other electronic services, said Dudley Nigg, executive vice president of Wells Fargo Bank.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.