03 / 10 / 10
The Center for Financial Services Innovation (CFSI) has announced the availability of the complete CFSI Underbanked Consumer Study for purchase. Included will be the full study results and tailored business recommendations for serving the underbanked population from CFSI, the leading expert on the underbanked market.
Since June 2008, CFSI has released limited results from the study, including a definitive number and description of the national underbanked population: 106 million U.S. adults ? 40 million households ? who are financially underserved, either lacking a bank account or regularly using non-traditional financial services to meet their financial needs.
The CFSI Underbanked Consumer Study profiles eight distinct segments of the underbanked population. For example, the largest segment of the underbanked population is the Next Wave, representing approximately 23% of the underbanked?a total of 24 million consumers. The Next Wave is the youngest
segment with 52% between ages 18-34. Because this group generally has no bank account but is highly entrepreneurial with a strong ambition for the future, CFSI suggests the following strategies for reaching the Next Wave:
?The CFSI Underbanked Consumer Study is a big leap forward in understanding these customers, and provides a crucial building block in constructing successful long-term relationships with them,? says Jennifer Tescher, Director of CFSI. ?Our experience working with national, regional and community level institutions has shown us that better customer information leads to better results.?
CFSI employs its wealth of industry knowledge and solid strategic advice to add depth and value to the results of this study, including specific recommendations for product development, risk management, and marketing and distribution strategies for each of the eight segments.
In addition to strategic advice, cross-tabs analyzing financial behavior and attitudes for groups of underbanked consumers based on age, gender, household income, ethnicity, employment status, marital status, banking status, behavioral segmentation and analysis of the credit scores of different groups of underbanked consumers are available for purchase.
The CFSI Underbanked Consumer study was co-sponsored by four companies, including Citi, H&R Block, and MasterCard. CFSI and these sponsors commissioned Experian Simmons to conduct a national segmentation analysis of underbanked consumers according to their attitudes, behaviors, preferences, needs and experiences. The findings are a result of a survey of 2,799 underbanked respondents, representative of the U.S. adult population.
If you’re interested in learning more or how to obtain this industry knowledge, contact Aliant Payment Systems today at 866-502-4831 or visit online at https://aliantpayments.com
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