Report examines banked and underbanked population
Big banks and companies are failing to capitalise on half of their potential worldwide market through a lack of financial and telecoms services according to a report by Research and Markets (view press release). The report examines business opportunities that are available through addressing the needs of the unbanked and underbanked across developing countries.
“Targeting the Unbanked and Underbanked” points out that up to 30million Americans fall into this category and the situation is the same across all OECD states with matching numbers of adults without access to mainstream financial services. The situation is far worse in developing countries where they account for the majority of the population. Metrics, analysis and strategies that can be used to improve financial and telecommunication services amongst this population segment are addressed and discussed, and the need to understand the demographic, cultural and political situations that exist in targeted countries is highlighted.
The report also suggests that established companies are at risk of losing out to new entrants to the market who can provide products and services that meet the needs of the unbanked and underbanked in areas such as payments, remittance, loans and insurance. It argues that products and services that can be delivered through mobile phones will gain the most and that companies need to be able to operate on very low margins to succeed, while pointing out that a foot hold on the ground is needed in order to develop the channels necessary to target adults in both urban and rural areas.
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