Financial-services marketers are constantly looking for new prospects. This new file offers marketers the opportunity to reach underserved or un-banked customers for growth. This untapped pool of customers offers big opportunities for checking, savings, fee-based, prepaid or starter credit services.
Finding the Right prospects
“Today, nearly 40 million Hispanics reside in the United States. But, half of that population – nearly 20 million Hispanics – do not have a basic bank account, and little or no understanding of how money works in our society.”
– Chairman Donald Powell of the Federal Deposit insurance Corporation (FDIC)
According to U.S. Government figures, about 33 million Americans do not have accounts in financial institutions. Some of these people are immigrants who haven’t established bank accounts. Others might be recent college graduates who have little to no credit; recently divorced people who did not have credit in their names or people who are just not comfortable dealing with a bank.
Financial institutions that provide services to this potentially profitable group of prospects may ultimately reap the rewards of fostering new, full-service customers.