Who are America's Underbanked?
Recent data shows that more than 68 million consumers in the United States fall into the â€˜underbankedâ€™ category. This designation includes those who have existing banking relationships â€” usually a checking account â€” but for various reasons lack, or choose other, traditional credit options. Revenue from interest and fees paid by the underbanked exceeds $78 billion annually, so an immense opportunity lies with them. Still, lenders continually face the challenge of effectively and intelligently managing lending risks for these consumers. To that end, FactorTrust, the leading provider of underbanked consumer data, analytics and risk scoring solutions publishes The FactorTrust Underbanked Index.