US The Unbanked and Underbanked market report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the The Unbanked and Underbanked market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
For the purposes of this Report, Mintel has used the following definitions:
- Unbanked: consumers who have no account at a traditional bank or credit union
- Underbanked: consumers who have one account at a traditional bank or credit union but who have also used an alternative financial service in the past year
- Banked: consumers who have an account at a traditional bank or credit union and who have not used alternative forms of credit/ service in the past year
The Report covers the use of banking products and services only by these various customer segments and does not cover investment attitudes or behaviors.
Expert analysis from a specialist in the field
Written by Jennifer White Boehm, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Un- and underbanked Americans are underserved by traditional financial institutions because many don’t have the identification or money to qualify to open accounts. Instead, they are increasingly serviced by alternative financial services companies and are often limited to products that are more restrictive and have higher fees. While some of these consumers will voluntarily remain outside the banking mainstream, many will ultimately decide – and qualify – to enter it. Mainstream institutions need to focus marketing efforts on these customers as they begin to explore their banking options, paying special attention to their technology preferences and working toward dislodging the relationships many already have with alternative companies.
Jennifer White Boehm
Associate Director - Financial Services
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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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