The Underbanked

20% of all consumers

are considered underbanked according to a recent FDIC National Survey. We are committed to offering viable financial solutions to those who need it. The underbanked is the fastest growing market in consumer financial services. These consumers have a bank account, but also rely on alternative funding sources.

Underbanked 20
Unbanked 7.7
Unknown 5.3
Fully Banked 67

Underbanked20%

Unbanked7.7%

5.3%Unknown

67%Fully Banked

That means 1 in 5 american consumers are considered underbanked, totalling more than 51 million adults!

American Saving Habits

Most Americans have little to no savings. The vast majority of America’s 115+ million households can’t pay cash for a major purchase.

%

of Americans are living
paycheck to paycheck

%

have less than
$800 in savings

%

have less than
$100 in savings

Mobile Banking

According to the Board of Governors of the Federal Reserve System, 66% of the Underbanked and 44% of the unbanked own smart phones. This adds up to approximately 50 million consumers in the US alone! We are committed to expanding viable alternative financial services (AFS) for these consumers on a daily basis.

1 OUT OF 4

households has used an alternative financial service at least once in the last year.

66%

of underbanked consumers use smart phones

The underbanked use mobile banking at a

9% HIGHER RATE

than the general population

Underbanked Millenials

Millennial consumers make up a diverse group that heavily relies on mobile banking options and alternative financial services. In a recent survey, TD Bank found that 90% of Millennial respondents bank online or use mobile devices to manage their finances more frequently than visiting a branch. Thirty percent of Underbanked consumers are of Millennial age and that number is growing everyday: