Four out of ten banks develop products and services for underserved consumers.
Developing and actively marketing specialized products, services, or programs that are customized to meet the needs of unbanked and underbanked consumers are important steps banks can take to encourage full participation in the financial mainstream. Almost 43 percent of banks were actively involved in developing products and services for underserved consumers.
Most Effective Marketing Channels
Banks see community partnerships as an important strategy to reach underserved consumers. When asked to identify both the most effective marketing channels and retail strategies used for reaching unbanked and underbanked consumers, banks tended to identify community outreach collaborations and automated telephone banking, respectively. Banks also worked with community partnerships to promote account openings to underserved consumers.