10 Things You Didn’t Know About the Underbanked [INFOGRAPHIC]
Over 50 million U.S. adults do not have a traditional bank account, and, despite representing a whopping $1 trillion in buying power, America’s underbanked consumers are often pushed to the wayside by businesses who erroneously perceive them as an under-employed, under-educated, and under-motivated.
The reality is that the majority are born in the U.S., college educated, and employed full time. Many make above average American wages and own homes.
Underbanked consumers are also tech savvy and quick to adopt smartphones for more than just communication.
In fact,they are more likely to have smartphones than the average consumer. According to a 2012 Federal Reserve report, 91% of underbanked consumers have a mobile phone, and 57% of them have a smartphone, compared to only 87% and 44%, respectively, among all U.S. consumers.
Within such a massive and misunderstood group lies great opportunity for the businesses with the will to understand them. Check out the infographic below for more information about this segment.