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Engaging the Underbanked and Unbanked in the U.S.: How to Target the Growing Immigrant Population Through Mobile Financial Services
Javelin Strategy & Research, April 2010, Pages: 46
The propensity among the underbanked population – those without a checking account and often without a primary financial institution relationship – to use mobile phones and also to engage in mobile transacting makes the population group a viable target for mobile banking and m-P2P solutions. Mobile as a financial service platform could therefore clear a path to reaching this segment, and become a springboard for deeper relationships. This report develops a calculated strategy for financial institutions and telcos to develop a mutually beneficial and profitable mobile relationship with unbanked and underbanked consumers.
Primary Questions
- Who are the unbanked and the underbanked? How are they defined? How do they differ from other consumers?
- What is the annual dollar size of the remittance market?
- What are the opportunities and threats for telcos and banks?
- What mobile financial products and services are attractive to the unbanked and underbanked, and how should they be structured?
- How does mobile adoption compare to online adoption among the unbanked and underbanked? What factors are holding back the underbanked from adopting mobile banking?
- What market model provides the best infrastructure to attract the unbanked in developing countries?
Methodology
This report is based on consumer data collected online from 3,000 respondents with mobile phones in July 2009. Overall margin of sampling error is ±1.79 percentage points at the 95% confidence level. This report is also based on a random-sample panel of 3,294 consumers collected in November 2009, with an overall margin of sampling error of ±1.71 percentage points at the 95% confidence level. Additionally, this report is based on consumer data collected online from 5,211 respondents in March 2010. Overall margin of sampling error is ±1.38 percentage points at the 95% confidence level. All of the surveys targeted respondents based on representative proportions of gender, age, income and ethnicity compared to the overall U.S. online population. Finally, this report is also based on information drawn from outside sources, such as executive interviews, U.N. data and IMF data. Rounding (in the underlying numbers) in charts accounts for the slight differences in numbering.
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