Wooing The Underbanked - With A Special Focus On Prepaid Cards

Wooing The Underbanked - With A Special Focus on Prepaid Cards

The unbanked and the underbanked together spend around $10.4 billion on more than 324 million alternate financial services (AFS) products. With a population base of nearly 43 million people, the underbanked offer an immense, untapped consumer segment for federally-insured banks. Wooing the Underbanked is a market research study designed specifically to understand the financial needs of the underbanked. The report offers vital market data for banks intending to tap this consumer segment, identifying the most profitable ways to ensure its economic inclusion into the traditional banking cycle. ( http://www.bharatbook.com/detail.asp?id=141646&rt=Wooing-The-Underbanked-With-A-Special-Focus-on-Prepaid-Cards.html )

Wooing the Underbanked With a special focus on prepaid cards 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 objective of the report is to provide vital marketing information about the underbanked that also use AFS products; and the traditional and novel banking and financial services that banks can render to them. The report 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.

To know more and to buy a copy of your report feel free to visit : http://www.bharatbook.com/detail.asp?id=141646&rt=Wooing-The-Underbanked-With-A-Special-Focus-on-Prepaid-Cards.html

Related Reports :

Targeting the Underbanked in Financial Services

http://www.bharatbook.com/detail.asp?id=135930&rt=Targeting-the-Underbanked-in-Financial-Services.html

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