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.
- 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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