Unbanked & Untapped
Published in CSP Daily News
14 million Americans without accounts but in need of financial services
NEW YORK -- A new study by Global Advertising Strategies, New York, The Marketing of Financial Products & Services to Unbanked Americans, focuses on unbanked immigrants and ethnic minorities, whose spending on financial products and services will increase by 94% in next 4 years, said The Center for Media Research.
The report indicates that the unbanked are typically immigrants, ethnic minorities, the youth, widows, divorc aes without credit histories in their own names, and people who have filed for bankruptcy and are rebuilding their creditworthiness. [image-nocss] This group of unbanked Americans comprises more than 13% ofthe 105 million households.
Banks, until the last few years have for the most part ignored them, leaving them to rely on alternative financial service providers, such as check-cashing outlets, but are now paying attention to the huge opportunity of this new frontier of customers.
Common reasons why people are unbanked include avoiding monthly service and overdraft fees; minimum balance requirements; they are already served by money transfer companies, payday lenders, check cashers; lack of familiarity with U.S. financial system; suspicion of banking institutions; convenience consciousness; fear of political and economic instability; lack of identification.
Click here http://c.2x2.us/Underbamked%20synopsis_Max-final.pdf to read a synopsis of the report.