DUBLIN–(BUSINESS WIRE)–The “The U.S. Unbanked Issue is Improving; Are You Part of the Solution?” report has been added to ResearchAndMarkets.com’s offering.
The efforts of fintechs and, to a lesser degree, traditional financial institutions to provide robust banking solutions to the unbanked population through prepaid cards are helping individuals to safely store funds, receive deposits quickly, purchase goods, pay bills and get cash at reasonable costs while reducing the overall population of unbanked individuals, as explored in new research.
The wave of neobanks and challenger banks that has emerged in the last several years is playing an outsized role in helping to bank the currently unbanked. They join other fintech players to offer services with easy access, smart user apps and nearly free banking solutions, attracting millions of customers.
Their sustainability is certainly in question, however. Currently these businesses operate at a loss or with thin margins and recent efforts to reduce debit card interchange, neobanks’ primary source of revenue, creates a new threat.
Highlights of the report include:
- A review and analysis of the data measuring the size of the unbanked population in the U.S.
- The impact that traditional and new fintech-supported accounts have had on attracting the unbanked to more mainstream financial services.
- How the effects of COVID-19 may ultimately alter the number of unbanked.
- How the government could play a meaningful roll without reinventing banking.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Mining the Data
- Not All Who are Unbanked Want an Account
4. Giving Credit Where Credit is Due
- The Repercussions of COVID-19
5. Considering the Role of Prepaid Card Accounts
6. Will Government Play a Direct Role in Banking the Unbanked?
- But Can Fintechs Be Relied upon Long Term to Support the Unbanked?
7. Conclusions
8. References
Companies Mentioned
- Bank of America
- Branch
- Chase Bank
- Chime
- Dave
- Galileo Financial Services
- Green Dot
- MoneyLion
- MetaBank
- N26
- Netspend
- PNC Bank
- Sutton Bank
- The Bancorp Bank
- U.S. Bank
- Varo
- Walmart
- Western Union
For more information about this report visit https://www.researchandmarkets.com/r/vh079h