Banking on the Unbanked
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Overview: The un- and underbanked market represents serious potential for financial institutions. Up to one-fifth of the adults in the United States are in this market, and they spend $10.9 billion per year on 324 million non-traditional financial transactions. New approaches are needed to capture this market, including new ways of thinking and innovation in bank product and service offerings. The technology necessary to grow into this market already exists, and those in this market are already familiar with its use. What is needed now is for financial institutions to demonstrate the flexibility and innovation necessary to turn this market into a profitable venture for the long term.