In 2009, CFSI made available for purchase the full results of the Underbanked Consumer Study. Since then, CFSI has released limited results from the study, already recognized in more than 25 publications (see fact sheet below for a brief overview ). The full results gave complete access to the eight underbanked market segment descriptions, including suggestions and critical tools for any financial institution to:
• Develop successful products and services,
• Craft targeted marketing and distribution plans, and
• Strengthen risk management strategies targeted towards the underbanked consumer.
The CFSI Underbanked Consumer study was co-sponsored by four industry leaders Citi, H&R Block, Fidelity National Information Services, and MasterCard. CFSI and these sponsors commissioned Experian Simmons to conduct a national segmentation analysis of underbanked consumers according to their attitudes, behaviors, preferences, needs and experiences. This national study included 2,799 underbanked respondents; representative of the U.S. underbanked adult population. The study offers and evaluates information regarding market segment size, financial product use, desired marketing and communication approaches, financial service experiences, and demographic trends of the U.S. underbanked population—based on the financial needs, behaviors, and attitudes of the underbanked.
For more information about the CFSI Underbanked Consumer Study, please contact us at info@cfsinnovation.com.
Relevant documents relating to the consumer study available for download:
FDIC National Survey on Underbanked a Crucial Piece to Understanding the Demographics of the Underbanked in the U.S.
The FDIC’s National Survey of Unbanked and Underbanked Households is an essential piece to understanding who the underbanked are. The survey’s design and results, a valuable companion to CFSI’s 2008 Underbanked Consumer Study on behaviors and attitudes of underbanked, confirm the work The Center for Financial Services Innovation (CFSI) has been engaged in since its inception in 2005. Click here to read the full FDIC report. Click below to download the press release.
Characteristics of Latino Un- and Underbanked Consumers
In this CFSI inBrief, "Characteristics of Latino Un- and Underbanked Consumers" provides analysis regarding the financial attitudes and behaviors of the 20.6 million underbanked Latino consumers in the U.S., representing 47% of the entire 44 million Latinos in the U.S. Click below to download the inbrief.
Preferences and Usage of Financial Service Providers
The CFSI inBrief, “Preferences and Usage of Financial Services Providers,” takes a look at how consumer usage of financial services providers measures up to their preferences. Click below to download the preferences inbrief.
Prepaid Cards vs. Checking Accounts inBrief
The CFSI inBrief, "Prepaid Cards vs. Checking Accounts," offers a glimpse into the preferences of both unbanked and underbanked consumers towards prepaid cards and checking accounts. Click below to download the prepaid inbrief.
CFSI Underbanked Consumer Study Fact Sheet
The CFSI Underbanked Consumer Study Fact Sheet offers slices of data from the CFSI Underbanked Consumer Study. Click below to download the consumer study fact sheet.
