This is a preview of the Fintech and Financial Inclusion research report from Business Insider Intelligence. Purchase this report. 14-Day Risk Free Trial: Get full access to this and all Fintech industry research reports. Historically, the US banking industry has discussed financial inclusion solely in terms of corporate social responsibility (CSR). Offering services to the underserved — unbanked consumers who lack access to banking products, and underbanked consumers who make only limited use of mainstream financial services — has long been economically unviable. But two forces have flipped the conversation from CSR to a genuine business opportunity.
First, digital tools from mobile banking to AI are driving down costs and allowing financial institutions (FIs) to offer previously untenable products, such as fee-free accounts or credit scoring based on unconventional data.
Second, the US' financial landscape is more competitive than ever, as fintechs, incumbents, and even tech companies like Amazon vie for larger shares of the overall space. That's creating a compelling reason for banks to seek out fresh growth opportunities, and the financially underserved represent just that. And with close to 33 million US households either unbanked or underbanked, the opportunity for fast-moving banks is huge.
See the rest of the story at Business Insider
See Also:
- The growing market share of nonbanks and alternative financing in the online mortgage lending industry
- Top finance recruiters warn that 2020 will be rough — here's their advice for frustrated job-seekers
- The head of innovation for TD Ameritrade's 7,000 adviser clients thinks virtual assistants and holograms will be must-have wealth tech by 2030
from Feedburner https://ift.tt/2KPjWo7
No comments:
Post a Comment