Salam to all,

I wish to highlight a possible good area for research pertaining to unbanked and underbanked individuals. According to the Federal Reserve Bank there are 30 Million Unbanked or Underbanked consumers in the United States. Unbanked individuals refer to those who do not have saving or current account while underbanked consumers to those who have bank’s account but use non-financial institutions for their financial services. There are five factors that influence the unbanked and underbanked individuals to avoid subscribing traditional banking facilities and services:-

1. living paycheck-to-paycheck due to limited and unstable income;
2. Negative experience with the existing bank;
3. Consumer misunderstanding and misinformation;
4. Retailers are often easier to use than banks for use of payment service; and
5. Need for physical control of and immediate access to money.

Unlike most of us, any potential of credit default, significant fees and penalties charges are no more relevant to the underbanked and unbanked consumers. For full article, click here: A Study of the Unbanked and Underbanked Consumer in the Tenth Federal Reserve District

Best Regards
ZULKIFLI HASAN
DURHAM, UK

Brussels, Belgium