Serving Unbanked and Underbanked Consumers
According to a recent FDIC study, 8 percent of U.S. households are “unbanked”—meaning they do not have any accounts with financial institutions. Another 20 percent have an account, but are considered “underbanked.” Recent research conducted by First Data reveals that most un- and underbanked consumers are employed and working very hard to be financially responsible. These consumers feel that banks cannot help them manage their money effectively or achieve their financial goals. Financial institutions have an excellent opportunity with this consumer segment to gain new customers and to set their institutions apart from the crowd with customer-friendly, innovative services.