Banked, underbanked and unbanked.
Simple and self-explanatory categories, right? Not quite. Being banked does not mean you are not underbanked. Being unbanked is not the same as having no access to finance, and choosing to not use a bank can still mean you are banked.
The nuances that clearly highlight the gap in understanding on both sides of the fence - consumers and banks. But what does it all mean?
Change the record
Contrary to popular belief, both banked and unbanked feel underserved, with 56% of banked customers claiming that there are other services they should be able to access.
Survey results We looked at whether consumers believed their banks did enough to educate and reach them. Our research revealed, consumers overwhelmingly believe that financial institutions are not taking the necessary steps to boost accessibility. 56% of banked customers believe that financial institutions should be responsible for educating consumers about their finances.
The banking dilemma
There is quite a disconnect between consumers, both banked and unbanked, and banks. Banks need to make the process of accessing financial services less cumbersome - 28% of respondents stated they think banks should make it easier to understand how to open an account.
Read the full report on financial accessibility. Money talks. You should listen. Additional commentary from Deloitte Digital, Visa, ModusBox, nCino, ComplyAdvantage, TrueNorth, PaymentGenes, Codat and Tyme Bank.Download the report
Let’s increase access
Fintechs are providing customers with a refreshingly simple, bespoke banking experience, and in doing so are performing strongly on growth by providing more financial inclusivity.
As an open API SaaS platform, Mambu is uniquely positioned to support your bespoke banking ambitions. If you can dream it, we can help you build it.