2021 US Unbanked Report: The number of unbanked people is declining – ResearchAndMarkets.com

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DUBLIN – (BUSINESS WIRE)–The “The problem of the unbanked United States is improving; are you part of the solution?” the report was added to ResearchAndMarkets.com from offer.

The efforts of fintechs and, to a lesser extent, traditional financial institutions to provide robust banking solutions to the unbanked population through prepaid cards help individuals securely store funds, receive deposits quickly, buying goods, paying bills and getting money at reasonable costs while reducing the overall unbanked population, new research explains.

The wave of neobanks and challenger banks that have emerged in recent years are playing a disproportionate role in helping to bank the currently unbanked. They join with other fintech players to deliver services with easy access, smart user apps and nearly free banking solutions, attracting millions of customers.

However, their durability is certainly in question. Currently, these companies operate at a loss or at low margins, and recent efforts to reduce debit card exchanges, the main source of income for neobanks, are creating a new threat.

Highlights of the report include:

  • A review and analysis of data measuring the size of the unbanked population in the United States

  • The impact that traditional and new fintech-funded accounts have had in attracting the unbanked to more mainstream financial services.

  • How the effects of COVID-19 may ultimately alter the number of unbanked people.

  • How the government could play a meaningful role without reinventing the banking sector.

Main topics covered:

1. Summary

2. Presentation

3. Data mining

  • Everyone who is unbanked does not want an account

4. Grant credit where credit is due

  • The repercussions of COVID-19

5. Consideration of the role of prepaid card accounts

6. Will the government play a direct role in banking the unbanked?

  • But can we count on long-term FinTechs to support the unbanked?

7. Conclusions

8. References

Companies mentioned

  • Bank of America

  • Plugged

  • Chase bank

  • Carillon

  • Dave

  • Galileo Financial Services

  • Green Point

  • Silver Lion

  • MetaBank

  • N26

  • Netspend

  • PNC Bank

  • Sutton Bank

  • Bancorp Bank

  • American Bank

  • Varo

  • Walmart

  • Western Union

For more information on this report, visit https://www.researchandmarkets.com/r/vh079h



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