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By Zoot - New Information Has Come To Light
Across the world, huge numbers of individuals lack access to basic banking services. A recent report from the World Bank shows that “[g]lobally, 1.7 billion adults remain unbanked.”1 In many cases these people have the same money management and credit needs as those who have access to bank services, but they face challenges meeting those needs. In the US, the underbanked and unbanked (U/U) demographic is just under a quarter of the population. That equates to almost 75 million Americans who have no bank services, or who are using alternative means (like payday loans, check cashing services or other products) to manage their financial lives. Whether those folks are consciously avoiding banks, or simply unable to obtain access to the account and credit products they need, financial institutions (FIs) have options available to work with them. And when it comes to engaging with and providing services to this population, data is the key – access to emerging, alternative and unconventional data.
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