ANALYSIS: Getting to Know Underbanked Consumers

ANALYSIS: Getting to Know Underbanked Consumers
Tags: Bank / Credit Union, Kiosks/Self-Service, Trends / Statistics
September 22, 2005

During the past 10 years, unbanked and underbanked consumers have become the subject of interest. Although interest has grown, financial institutions' ability to act has been hindered by a limited understanding of this unique market segment.

In this analysis, Chicago-based The Center for Financial Services Innovation has identified 10 clusters that range from very low annual income to a median annual income of more than $70,000. Each cluster has been identified to have unique financial needs and desires, with certain clusters having a propensity to pair - suggesting a pathway of development in the use of financial services.

Read: Getting to Know Underbanked Consumers: A Financial Services Analysis.