Bank Efforts to Serve Unbanked and Underbanked Consumers
“Bank Efforts to Serve Unbanked and Underbanked Consumers: Qualitative Research” ( May 25, 2016) – The primary goal of this qualitative research is to inform bank efforts to develop sustainable relationships with unbanked, underbanked, and low- and moderate-income (LMI) consumers. Interviews with bank executives and executives from nonprofit organizations and local government agencies that partner with these banks produced insights into bank efforts to serve unbanked and underbanked consumers, and how those products, services, and strategies are developed and implemented. Subsequent focus groups with consumer counselors that work with unbanked and underbanked consumers, and with unbanked, underbanked and LMI consumers, discussed consumer perceptions about banks and nonbank financial service providers, the services each provide, and how consumers navigate the financial service marketplace. The paper summarizes findings from these interviews and focus groups and suggests implications that may be useful to banks and their partners as they continue their efforts to serve unbanked and underbanked consumers.