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IDC PeerScape: Practices for Assisting the Underbanked

Publisher IDC
Published Feb 20, 2024
Length 7 Pages
SKU # IDC18560093

Description

IDC PeerScape: Practices for Assisting the Underbanked


This IDC PeerScape describes four practices that financial institutions have leveraged today’s technologies to assist the underbanked. “Overall there have been great strides in addressing the unbanked; however, there is still work to be done for those individuals who are considered underserved and often do not fully understand or qualify for financial solutions designed to help them achieve their financial goals,” says Marc DeCastro, research director for IDC Financial Insights. “Creating and leveraging solutions that can be affordable and scalable will provide the next generation of bank customers with a better understanding of what can be achieved, but fintechs and banks must work together to address this issue.”

Please Note: Extended description available upon request.

Table of Contents

7 Pages
IDC PeerScape Figure
Executive Summary
Peer Insights
Practice 1: Utilize Modern Banking Platforms Designed with Financial Inclusion as a Component
Challenge
Examples
Varo Bank
MoCaFi
Guidance
Practice 2: Work with Central Banks and Community Endeavors Looking to Provide More Financial Literacy
Challenge
Example
Reading Cooperative Bank
Guidance
Practice 3: Deploy Solutions in Both Self-Service Digital Channels and In-Person Experiences That Can Be Native Language Ready
Challenge
Examples
Wells Fargo
Reading Cooperative Bank
Guidance
Practice 4: Use Analytics Tools That Can Identify Patterns of Predatory Practices to Create an Outreach Program
Challenge
Example
Founders Federal Credit Union
Guidance

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