Extend your reach to the unbanked

Expanding financial services to the unbanked and underbanked

Opportunity to build trust with the unbanked

In addition to the 15.5 million U.S. adults who are unbanked (owning no checking or savings account), there are about 51.1 million “underbanked” adults who use products and services such as money orders, check cashing services, and payday loans despite having a banking relationship.

Contrary to popular belief, many unbanked adults earn a relatively good income. Whether the result of cultural differences, privacy concerns, the need for more education, or a bad experience in the past, these individuals are wary of traditional banking options. Their trust and favor must be earned.

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Build bridges to the unbanked and underbanked

Until recently, this group has not been a priority for many financial institutions. But as more services go digital, banks are recognizing the potential of these individuals to affect cost-to-income ratios positively.

The unbanked and underbanked are now widely considered to be among the greatest sources of potential growth for financial institutions going forward.

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Engaging the unbanked through employer-sponsored financial wellness plans

Exposure to unbanked individuals through their employer-sponsored financial wellness plans provides your institution with a unique opportunity to engage and begin building trust with this important group.