Study Demonstrates Increase in Numbers of Americans Underserved by Financial Services
The well-respected Center for Financial Services Innovation (CFSI) conducts research into the financially underserved in order to encourage innovation of financial services products that will meet their needs.
Each year CFSI publishes its Underserved Market Sized Study, which explores how financially underserved consumers borrowed, spent, saved, and planned their finances in the prior year. This study is likely to be of interest to those who wish to understand more about Direct Express (which is itself an innovative financial product) and about those who use it, who are by definition underserved by financial services.
The 2017 Financially Underserved Study illustrates the growing need to address the needs of a group of financially underserved consumers and identifies significant trends driving marketplace evolution and growth, from the increased prevalence of digital product offerings to the rapid growth of alternative small business credit options. The reports revealed that:
- The market has grown an average of 4% each year since 2009
- The market is projected to expand 8.3% in 2017 to $188 billion
- Overall market revenue grew by $10.7 billion or 6.6% from 2015 to 2016
- Consumer spending was generated by $1.94 trillion in financial product usage volume
For more, CFSI has published a blog post HERE.
The study can be downloaded HERE