Mintel, March 2009, Pages: 56

Description

Since the last survey that we conducted of the unbanked and underbanked markets, two significant developments have taken place: the financial crisis and the election of President Barack Obama. These two events offer both good news and bad news for those looking to market to the underbanked. On the one hand, those distrustful of the banking system are now even more distrustful. On the other hand, as the majority of unbanked and underbanked consumers are immigrants, this poses a possible opportunity.

Due to problems in the banking industry, banking institutions will need to look towards new revenue streams. Though banks are more risk-averse, there is evidence that the underbanked are not necessarily high risk and are actually careful consumers. Given their population growth rates, it is a huge economic opportunity.

This report includes key information about the growing numbers of unbanked and underbanked consumers:

-What are the demographics of the unbanked and underbanked?
-What are the factors that lead to distrust and/or underuse of banks?
-Which segment(s) has the greatest growth rate?
-What are methods to market to the unbanked and underbanked?

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