Aarkstore Enterprise || Underbanked and Unbanked Consumers in the U.S.: Successfully Targeting Consumers of Alternative Financial Services || Global Market Reasearch Report 2011 by aarks222

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Underbanked and Unbanked Consumers in the U.S.:
Successfully Targeting Consumers of Alternative
Financial Services


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the-U-S-Successfully-Targeting-Consumers-of-Alternative-Financial-Services-
145133.html



Introduction

Underbanked and Unbanked Consumers in the U.S. provides market
size, industry and product revenue forecasts and analyzes the legislative and
regulatory challenges driving the growth of alternative financial services
(AFS). Increasingly, these products are seen as a viable alternative to banks
by the 26% of U.S. households that are underbanked or unbanked.

This report analyzes the retail financial services activities and the macro and
micro economic trends that have resulted in the percentage of households
that are unbanked to rise for the first time since the Federal government
began tracking consumer banking relationships. It also provides detailed
demographic portraits of both underbanked and unbanked consumers while
diving deeply into their financial behaviors and consumer psychographics.
These consumers, buffeted by both the economy and the profit maximization
strategies of retail banks, have been prime targets of non-traditional
financial services providers offering transparent pricing, convenient retail
locations and bespoke products that can be used according to the consumers’
needs and preferences.
The report examines the efforts of banks and non-banks to market to
underbanked and unbanked consumers and provides analysis of AFS pure-
play and retailer product introductions, feature enhancements and pricing
strategies.


Table of Contents :

Chapter 1: Executive Summary
     Scope and Methodology
     Report Methodology
     Characteristics of Underbanked and Unbanked Consumers
     Who Are the Unbanked?
     Which Unbanked Households Can Become Banked?
     Why Don’t Unbanked Have a Bank Account?
     The Growing Ranks of the Unbanked
     Who Are the Underbanked?
     Spotting the Underbanked
     Baby Boomers and Seniors Heavily Represented Among Underbanked
     Alternative Financial Services Products Used by Underbanked
     Banking Industry Trends Drove the Growth in the Number of
     Underbanked Households?
     State of the Economy Is Growing the Ranks of the Underbanked
     Economic Pressures on Working Americans Have Increased
     Long-Term Unemployment
     Health Insurance Costs Are Rising
     Bankruptcy
     Foreclosures
     Declining Real Incomes
     Number of Americans Living Paycheck-to-Paycheck Increases 53%
     The Overall U.S. Economy - 2011 and Beyond
     Banks Targeting the Underbanked/Unbanked
     Products Banks Can Market to Underbanked and Unbanked
     Consumers
     BB&T Links Its Physical Footprint With Prepaid Card
     Large U.S. Retail Banks Offer More Locations than Retailers
     Banks Tackle Small Dollar Loans
     Even in Programs Targeting Underbanked or Unbanked, Bankers
     Determined to Build Traditional Banking Relationships with
     Participants
     Serving Underbanked Consumer While Hitting Fee Income Generation
     Targets
     Regulatory Changes Increase Banks’ Pressure on Fee Income
     How Banks Became Dependent on Fee Income From Retail Customers
     Overdraft Fee Income - Yesterday’s Cash Cow
     Growth of Overdraft Fee Income Spurred Consumer Dissatisfaction
     With Banks and Banking Industry
     Bank of America Adds High Checking Account Service Charges and
     Fees to Use Bank Tellers
     Chase Bank Adds Service Charges for Low-Income Customers and
     Those Who Are Not Active Debit Card Users
     Citibank Keeps Free Checking for Customers Who Perform 5 Types of
     Transactions a Month
     Consumers Are Opting Out of Overdraft Protection
     Debit Card Rewards Programs Are Vanishing
     Savings Strategies of Underbanked
     Prize-Linked Savings
     Consumer Interest in PLS Accounts
     Why Would PLS Accounts Be Attractive to Banks?
     Barriers to Widespread Deployment of PLS
     What If Consumer Savings Were Prioritized?
     Michigan Credit Unions Partner to Offer PLS
     How Successful Are the Michigan Programs in Growing Savings?
     Can Banks Offer the Products Unbanked and Underbanked Consumers
     Want?
     Cashing Payroll Checks Is Important to the 27% of Employees Not
     Using Direct Deposit
     Bill Payment



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