are considered underbanked according to a recent FDIC National Survey. We are committed to offering viable financial solutions to those who need it. The underbanked is the fastest growing market in consumer financial services. These consumers have a bank account, but also rely on alternative funding sources.
That means 1 in 5 american consumers are considered underbanked, totalling more than 51 million adults!
Most Americans have little to no savings. The vast majority of America’s 115+ million households can’t pay cash for a major purchase.
of Americans are living
paycheck to paycheck
have less than
$800 in savings
have less than
$100 in savings
According to the Board of Governors of the Federal Reserve System, 66% of the Underbanked and 44% of the unbanked own smart phones. This adds up to approximately 50 million consumers in the US alone! We are committed to expanding viable alternative financial services (AFS) for these consumers on a daily basis.
households has used an alternative financial service at least once in the last year.
The underbanked use mobile banking at a
9% HIGHER RATE
than the general population
Millennial consumers make up a diverse group that heavily relies on mobile banking options and alternative financial services. In a recent survey, TD Bank found that 90% of Millennial respondents bank online or use mobile devices to manage their finances more frequently than visiting a branch. Thirty percent of Underbanked consumers are of Millennial age and that number is growing everyday:
Average Credit Score
Average debt totalling
Prefer non-traditional financial solutions