Financial services products are readily available, but not always at a price affordable by potential users or with the right fee structure to meet needs. The ‘unbanked’ are often faced with unpredictable financial balances and can’t always pay the price necessary to keep an account open and current.
BOSTON (PRWEB) November 01, 2017
Lack of affordable formal banking solutions affects over 15 million adults in the United States. Even as employment numbers improve domestically, the number of unbanked individuals remains stubbornly high.
Financial inclusion has long been a goal in countries around the world. Finding ways to offer solutions that provide financial inclusion for the unbanked and underbanked—and do so profitably for the providers—is the topic of a new research report from Mercator Advisory Group titled Doing Well by Doing Good: Delivery Models and Channels Serving the Financially Underserved. Solutions that are succeeding in several developing economies are reviewed, and selected solutions in the United States are profiled.
“In the U.S., access to banking services is not the problem that it is in many of the developing countries. Financial services products are readily available, but not always at a price affordable by potential users or with the right fee structure to meet their needs. The ‘unbanked’ are often faced with unpredictable financial balances and can’t always pay the price necessary to keep an account open and current. At the same time, financial institutions need recurring revenue to be able to support technology and regulatory infrastructure, creating a friction that impedes product adoption,” commented Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group, author of the report.
Highlights of the report include:
- The reasons why individuals are unbanked and the difficulties in supplying banking services to affect the population of unbanked in the U.S. materially
- A look at some noted solutions around that world that have been highly successful in their outreach to the unbanked population
- The commonalities of product features and business models among these products
- A discussion of the product and customer experience approach domestically in the U.S. and how that contrasts with examples outside the U.S.
- A comparison of providers in the U.S. categorized as bank providers, program managers or alternative financial services providers.
This report has 18 pages and 6 exhibits.
Companies mentioned in this report include: Amazon, Apple, BB&T, Green Dot, InComm, J.P. Morgan Chase, Mango, Millicom, Money on Mobile, NetSpend, PayPal, PayTM Payments Bank, Reserve Bank of India, Safaricom, Vodafone, Walmart, and Wing Limited Specialized Bank.
Members of Mercator Advisory Group’s Customer Interaction Advisory Service, Debit and Alternative Products Advisory Service, and Global Payments Advisory Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
For more information and media inquiries, please call Mercator Advisory Group's main line: 1-781-419-1700, send email to email@example.com.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.