A Reno, Nevada-based FinTech disruptor fundamentally changing how consumers interact with both business and government, CET has developed white-label, Mobile First Solutions that transform how the underbanked
interact with lenders, municipalities and healthcare.
Paper check alternatives such as prepaid payroll cards provided by CardFlex simply make more sense for both employers and their underbanked
In addition to collecting accurate estimates of the number of unbanked and underbanked households in the US, the survey was designed to provide insights into their demographic characteristics and reasons why the households are unbanked and/or underbanked.
An additional 17.9 per cent - or 21 million households nationally (approximately 43 million adults) - were found to be underbanked.
Households were identified as unbanked if they answered "no" to the question, "Do you or does anyone in your household currently have a checking or savings account?" Underbanked households were defined as those that have a checking or savings account but rely on alternative financial services.
* Certain racial and ethnic minorities are more likely to be underbanked than the population as a whole.
Arkansas' unbanked and underbanked
population statistics were more in line with the rest of the South in the FDIC's report.
According to the Center, the report, which benefits from strategic input and financial support from Morgan Stanley, encompasses 22 financial product types utilized by over 68 m underbanked consumers in the United States.
The new data reveals revenue gained from interest and fees paid by underbanked consumers rose to USD 78b in 2011, a seven percent increase from comparable 2010 data.
CFSI and Core Innovation Capital project market growth to continue - the report forecasts underbanked consumers will generate revenues of more than USD 85b in 2012.
The brief offers industry leaders an overall perspective of the underbanked landscape, and highlights opportunities to leverage new developments in the financial products market.