The unbanked and the underbanked together spend around $10.4 billion on more than 324 million alternate financial services (AFS) products; this is due to lack of knowledge on part of the banks to target and market banking products to the underserved. Economic inclusion of the underbanked population (approximately 43 million in 2009) into the traditional banking cycle will have a significant financial impact on the federally insured banks that have traditionally stayed out of this market.

Wooing the Underbanked – Need, Behavior, and Attitude Analysis is a market research study designed specifically to profile underbanked populace/households. The aim of this report is to analyze the reasons behind the low adoption of traditional banking products by underbanked and their preference for alternate financial services (AFS) and products (transaction/credit).

The underbanked are educated and employed but are reluctant to use traditional banking products such as debit / credit cards and short term loans primarily due to the fear of hidden costs and convenience issues. They make little use of the services provided by mainstream financial institutions; and are limited to traditional banking where they usually have a checking / savings account. They also frequently use AFS offered by non-banking institutions. AFS products are non-bank money orders, payday lending, check cashing facilities, rent-to-own agreements, and refund anticipation loans.

The agenda of the analyst briefing is to provide vital marketing information about the underbanked using AFS products. The briefing will provide new insights and give recommendations for banks intending to capitalize on this untapped market segment. Intensive bifurcation of the underbanked customers on the lines of income, age, education, region, race etc will enable product development and provide a roadmap to the future of novel banking practices for the underbanked.

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