Consider that globally, about one-quarter of the population, some 1.5 billion people, do not have a bank account. Meanwhile, an even greater number—2.8 billion—are underbanked, meaning they have limited access to financial services. In addition, BCG has found a link between institutions’ fina...
Privacy concerns (cited by 34%) and distrust of banks (33%) are also top reasons cited in the FDIC’s National Survey of Unbanked and Underbanked Households, suggesting that opting out of traditional banking is more than just a matter of affordability. Indeed, groups that have historically ...
Americans embraced mobile banking as their main account access more than any other method from 2017 to 2021, according to the Federal Deposit Insurance Corp.'s 2021 report on unbanked and underbanked households. Even so, a new NerdWallet survey found that many people are hesitant to use mobile ...
Using alternative data to help the underbanked & underserved In order to set up a small business, individuals must first have a bank account and an ability to provide evidence of creditworthiness. As a result, groups of underbanked and underserved people are immediately excluded from the process. ...
Mobile Data + Machine Learning = Better Credit Scoring for the Underbanked “Credit invisible” consumers are pervasive both in developing and mature markets. Including them in the financial system can bring major advantages for FinTechs and banks...
That's a big statement. Oh, yeah, it is. But a lot of people that are underbanked and don't have accounts aren't there on purpose. It's not some philosophical statement. A lot of times it's simply because they are poor and they don't have a lot of alternatives. Yeah. And the...
Yes, many digital wallets support cryptocurrency transactions, allowing users to store, send and receive various cryptocurrencies. How can digital wallets improve financial inclusion? Digital wallets can provide banking services to unbanked or underbanked populations, offering easy access to financial transact...
This core feature of blockchain empowers the unbanked or underbanked to achieve their goals. Also Read: How to build a real estate crowdfunding platform like Fundrise Internal Auditing and Reporting Blockchain’s immutability makes it ideal for financial audits. Banks can rely on secure, ...
Digital payment services have the potential to bring millions of unbanked and underbanked individuals into the formal financial system, providing them with access to secure, affordable, and convenient payment options. The UK government and financial institutions are likely to prioritise digital payment ...
Why Social Security Payments Are Delayed It isn’t common, but there are times when your Social Security payment could be delayed. Maryalene LaPonsieApril 30, 2025 401(k) Rollover: Is an Annuity Right? Annuities offer protection, but your 401(k) already gives you tax advantages without the...