The phrase “underserved customers” usually refers to the roughly 55 million unbanked or underbanked adult Americans tracked by regulators such as the Federal Reserve. These customers are usually described as low- to moderate- income. However, this does not tell the entire story, as the underserved segments can reflect specific age brackets, racial minority groups, and even small businesses who for various reasons are not well cared for by the mainstream banking industry
During this round table we talked about the issues banks have in reaching these segments and the opportunities for digital challenger banks and fintechs.
Conversation highlights include:
- How cost-to-serve is often described as the major obstacle by banks to pursue the underserved segment.
- How regulatory and industry pressure is adding to the cost and complexity banks face in reaching niche segments.
- How fintechs are leveraging more efficient and modern technology stacks to lower the costs to acquire and serve clients.
- The role of data in helping banks and fintechs better understand the needs of their customers.
- The types of products and services banks and fintechs are using to reach new segments.
- What financial inclusion really means.
- How the emergence of alternative providers of banking services to the underserved will impact the banking industry.
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