Published on : Jul 12, 2016
ALBANY, New York, July 12, 2016: A recent market research report added to the vast portfolio of ResearchMoz.us presents a thorough overview of the vast opportunities presented by the U.S. unbanked and underbanked demographics to the country’s finance sector. The report is titled “The Unbanked and Underbanked - US - June 2016.”
Millions of Americans are unbanked, which means that they do not have savings or checking accounts but also use alternate financial services such as payday loans or check cashing. Having a bank account, which gives individuals a proper structure and a safe place for saving money, may help people in building assets and savings.
Underbanked or unbanked individuals are not served effectively by traditional financial institutions as many don’t have the money to qualify for opening an account or the identification. Such individuals are thus increasingly served by alternative financial services and are often required to stick to products and services that are expressive and more restrictive.
While some of these individuals will voluntarily continue to stay away from mainstream banking services, many will ultimately qualify and decide to opt for these services. To benefit from this prospective consumer group, financial services need to pay more attention to their numerous specific preferences in terms of technology and minimum balance requirements, and account opening fees, to name a few.
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The report provides a detailed account of the several other factors that play an important role in the U.S. population opting to alternative financial services. Detailed data about the share of unbanked, underbanked, and banked individuals in the U.S., according to age as of March 2016 has been included in the report. The study observes that young and unemployed people in the country are most likely to be unbanked and underbanked.
Thorough data pertaining to the major factors that a vast share of Americans don’t have bank accounts is included in the report, along with the ways that can help mainstream financial institutions in reaching out to this demographics. Factors such as minimum balance requirement, overdraft fees, and insufficient fund fees have been highlighted as the major factors limiting the value of financial services for low-income consumers.
The major trends observed in the underbanked sector, which refers to the group that straddles between both alternative financial services and formal financial sector, have also been analyzed in the report thoroughly. Attempts made by the mainstream finance sector in serving to the special needs of this sector in the U.S. are highlighted.
Banks are actively attempting to improve the financial literacy of the unbanked and underbanked population in the country. Point in case is the recent collaboration between the Bank of the West and University of California – Berkeley. The U.S. treasury has launched a mobile app for reaching out to the underbanked and unbanked population in the country. Expansive details pertaining to many other aspects regarding the underbanked and unbanked sector in the U.S. have been included in the report, making it a detailed and highly resourceful document.
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