Publications  |  The Power of Experience in Understanding the Underbanked Market

Financial institutions have begun to recognize the enormous potential in serving underbanked households, but it is becoming clear that attracting these consumers is no simple task. KeyBank, which began offering check-cashing services and complementary educational curricula for non-customers in 2004, has been a pioneer among large U.S. banks in launching services targeted to the underbanked market. KeyBank and the Center for Financial Services Innovation engaged Market Innovations, Inc. to learn how to improve acquisition efforts and identify tactics that might appeal to these diverse consumers. Overall, the study confirms the importance of understanding the varied preferences of underbanked consumers in designing an optimal financial services experience for them.