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

In the U.S., there are an estimated 9.0 million households without bank accounts (7% of all American households), according to a Federal Deposit Insurance Corp. (FDIC) survey in 2015.  An additional 24.5 million (19.9%) were estimated to be “underbanked,” meaning individuals or households with very low credit scores or no credit at all.  Until recently, this market was not actively pursued by banks. However, credit card company Visa believes that $1 trillion per year is paid, by employers or other sources, to people with no bank accounts, the underbanked and unregistered immigrants.  Those with no bank accounts must seek financial…

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