The Unbanked and Underbanked markets in the US continue to grow in importance. Unbanked customers have neither a checking account nor a savings account. Underbanked customers may have an account, but rely primarily on Alternative Financial Services such as check-cashing storefronts and pre-paid cards to manage their finances.
The infographic below presents recent statistics about these markets.
Dragnet Solutions and the Unbanked and Underbanked Markets
As this infographic shows, organizations consider identity verification, account screening, and compliance to be major obstacles to serving unbanked and underbanked markets.
Accelerated Insight, our real-time account-screening service, has proven in hundreds of bank branches and in online lending services to deliver industry-leading results for identity verification, risk assessment, and compliance for unbanked and underbanked customers. Using Accelerated Insight, organizations serving these markets can grow profitable accounts with minimal risk.
To learn more about Accelerated Insight, please contact us.
