The products and services that cater to the needs of financially underserved consumers are big business. In 2010, providers in the underbanked marketplace received an estimated $45 billion in fees and interest. This revenue originated from a total estimated volume of $455 billion in principal borrowed, dollars transacted, and deposits held. These financial service companies provide credit, payment, and deposit services to the estimated 60 million underbanked consumers in the U.S. Both the payments and credit segments within the underbanked marketplace experienced strong growth from 2009 to 2010. Technology-centric solutions and products enjoyed particularly high growth.
Core Innovation Capital and the Financial Health Network have produced this knowledge brief in order to investigate the large and diverse revenue opportunity from financial services in the underbanked marketplace and to track trends over time. The inclusion of a product in this report is not a commentary on the appropriateness, safety, or quality of the specific product for the consumer.
New Underbanked Market Data from Core Innovation Capital and the Financial Health Network
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