The Underbanked - Canada - February 2016
“Disruptive start-ups have the potential to poach future generations of banking customers by offering them lower-cost alternatives to conventional services and becoming a trusted alternative. Conversely, this could also lead to alliances with mainstream financial institutions.”
– Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following issues:
- Who are the unbanked?
- Use of alternative financial services providers
- Unbanked and unbanked under-index on product ownership
- Unbanked have fewer financial priorities
- Underbanked have lower amounts of investments but their debt levels are fairly similar to the well-banked
This report seeks to analyse banking consumer behaviour and the attitudes of the unbanked and the underbanked. We examine different facets of the underbanked segment. Starting with the reasons for not having a bank account, we look at the other financial products owned by this segment. Furthermore, we explore their financial priorities, amount of investment/debt held and general attitudes related to personal finance/banking.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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