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

In the U.S., there are an estimated 15.3 million adults without bank accounts (6% of all Americans over 18), according to a Federal Deposit Insurance Corp. (FDIC) survey in 2019.  An additional 40.8 million (16%) were estimated to be “underbanked,” meaning individuals with very low credit scores or no access to credit at all.  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…

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