Abstract
In 1999, the U.S. Treasury introduced Electronic Transfer Accounts (ETAs) for
electronic payment of recurring federal benefits (i.e., social security and
federal retirement payments) both to save the government money and to
mandatorily migrate the unbanked into the banking system. These low-cost
deposit accounts received an enormous amount of attention and publicity as the
first federally backed initiative to force the unbanked into the mainstream of
American banking. And yet the U.S. General Accounting Office (GAO) has
determined that less than one percent of unbanked federal benefits recipients
have opened ETAs since the program' s implementation in July 1999.
How is it that the 9.3% of American households that are unbanked are immune to
the regulations and sanctions of a vast federal mandate? In a consumer economy
built on banking and access to credit, how can millions of Americans
successfully avoid banks entirely, or relegate them to a role of also-rans in
their financial provider roster?
While market research studies have traditionally focused on immigrants' use of
wire transfer services and the underbanked' s use of check cashing outlets and
payday lenders, the huge untapped growth area for non-traditional financial
services is among young consumers cherry-picking channels and products and
services based on price and convenience and among a growing consumer segment
roiled by credit woes, economic constraints resulting from declining incomes,
receding employment opportunities and a surging vortex of rising healthcare
and medication costs crossing with disappearing employer provided health
insurance.
Report Methodology
The information in Non-traditional Financial Services Markets in the U.S.:
Unbanked and Underbanked Consumers is based on primary research, including
interviews with industry participants, and secondary research including
articles appearing in financial, marketing, and trade publications, government
business and financial regulatory agencies data, company literature,
independent financial reports, and product advertising. Statistics on market
revenues and marketer share are based on an evaluation of all available
information on market sales and trends, including data for the top providers
to unbanked and underbanked consumers, data from SEC company filings; and
trends and figures reported by the trade press. The analysis of consumer
demographics and product usage rates primarily derives from the Simmons Market
Research Bureau (New York, New York) Fall 2006 consumer survey.
What You' ll Get in this Report
Non-traditional Financial Services Markets in the U.S.: Unbanked and
Underbanked Consumers makes important predictions and recommendations
regarding the future of this market, and pinpoints ways current and
prospective players can capitalize on current trends and spearhead new ones.
No other market research report provides both the comprehensive analysis and
extensive data that Non-traditional Financial Services Markets in the U.S.:
Unbanked and Underbanked Consumers offers.
Plus, you' ll benefit from extensive data, presented in easy-to-read and
practical charts, tables and graphs.
How You Will Benefit from this Report
If your company is already doing business in the unbanked and underbanked
markets, or is considering making the leap, you will find this report
invaluable, as it provides a comprehensive package of information and insight
not offered in any other single source. You will gain a thorough understanding
of the current market for non-traditional financial services markets, as well
as projected markets and trends through 2011.
This report will help:
- Marketing Managers identify market opportunities and develop targeted
promotion plans for serving unbanked and underbanked consumers.
- Research and development professionals stay on top of competitor
initiatives and explore demand for non-traditional financial services.
- Advertising agencies working with clients in the banking industry
understand the product buyer to develop messages and images that compel
consumers to use non-traditional financial services.
- Business development executives understand the dynamics of the market and
identify possible partnerships.
- Information and research center librarians provide market researchers,
brand and product managers and other colleagues with the vital information
they need to do their jobs more effectively.
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