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Emerging Banking Markets in the United States 2007
Mintel, March 2007, Pages: 77
As the demographics of the U.S. continue to evolve, new markets are emerging that are—or should be—attracting the interest of the financial services industry. Almost by definition, these markets are comprised primarily of people who have few or no banking relationships, and they represent great potential for institutions that are searching for ways to build their customer bases and expand beyond the traditional banking markets that are already mature.
This report addresses the key topics in attracting and retaining the emerging banking and financial services consumer. These include:
- where the unbanked and underbanked are located and where they come from
- their current use of financial services and how to reach out to these populations
- the factors which impact the trust the unbanked have in financial institutions
- actionable customer acquisition and retention strategies
- elements of branding that will appeal to this group
- how emerging bank markets are evolving into the future, and how principal providers are developing their strategies going forward.
In addition, this report looks at the marketing channels and new products that will appeal to the disparate unbanked and underbanked customer, how individualized marketing strategies can be more effective, and how to find the populations that are under-utilizing banking services.
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