Home > Banking, Mortgages & Lending > Banks Vie for Previously Underserved Markets and Focus on Hispanics

Banks Vie for Previously Underserved Markets and Focus on Hispanics, Business and Industry Trends Analysis

According to the FDIC National Survey of Unbanked and Underbanked Households, in the U.S., there were an estimated 5.6 million households without bank accounts (4.2% of all U.S. households) in 2023. An additional 19.0 million households (14.2%) were estimated to be “underbanked,” meaning those with very low credit scores or no access to credit at all, according to the Federal Deposit Insurance Corporation (FDIC). Until recently, this market was not actively pursued by banks.

In the U.S., hundreds of millions of dollars are paid yearly by employers or other sources, to people with no bank accounts, as well as the underbanked and undocumented immigrants. Those with no bank accounts must seek financial services from check-cashing services, sellers of money orders, so-called “payday lenders” which charge exorbitant interest rates and fees, along with Western Union and other firms that wire money (“remittances”) to the immigrants' family members back home.

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