In the financial services industry, companies are constantly competing to win new customers. However, a large group, the unbanked and underbanked, is often overlooked. The underbanked are those that have only one account with a financial institution and rely heavily on other providers to meet their financial needs. On the more extreme end, the unbanked are those that have no relationship at all with a financial services company.
In the past, this group was often seen as relatively costly and risky for banks to serve profitably. With the growing focus on societal issues, financial inclusion, and advancements in technology, companies are beginning to take notice of this segment. A number of fintech startups have taken advantage of the new technology landscape to develop products and services that focus on this market with profitable results.
Read our latest POV on turning the unbanked and underbanked into profitable customers to learn more about:
- How financial services companies can leverage technology and data to target the unbanked and underbanked market.
- Systematic ways to determine which data sources to use, the order in which they should be accessed, and the optimal combination.
- The infrastructure required to handle multisource data, nontraditional data, traditional data accounts, demographics, and more.