TrustCash
10-29-2011, 09:13 AM
Here's an article that's slowly becoming relevant in today's market. It's about servicing a part of society who have no bank accounts or have no access to credit. If banks are going to those unbanked and underbanked, should online businesses and even porn, be far behind?
http://www.parkparadigm.com/images/SMP/Economist%20US%20unbanked%20graph%20052006.jpg
By Martha C. White | June 6, 2011 |
"During the recession, the number of people categorized as unbanked — without a checking or savings account — or underbanked — without access to credit — increased. In a new study, consulting firm KPMG suggests that banks can make money from this group, not by bringing them back into the financial mainstream, but by offering them “alternative” products like prepaid debit cards and money orders.
Banks aren’t the only ones seeing a potential market in the unbanked. Some big-box retailers have begun offering bank-like services, letting customers cash a check or pay a utility bill."
Read more here: http://moneyland.time.com/2011/06/06/will-banks-target-the-unbanked-next/
http://www.parkparadigm.com/images/SMP/Economist%20US%20unbanked%20graph%20052006.jpg
By Martha C. White | June 6, 2011 |
"During the recession, the number of people categorized as unbanked — without a checking or savings account — or underbanked — without access to credit — increased. In a new study, consulting firm KPMG suggests that banks can make money from this group, not by bringing them back into the financial mainstream, but by offering them “alternative” products like prepaid debit cards and money orders.
Banks aren’t the only ones seeing a potential market in the unbanked. Some big-box retailers have begun offering bank-like services, letting customers cash a check or pay a utility bill."
Read more here: http://moneyland.time.com/2011/06/06/will-banks-target-the-unbanked-next/