CHICAGO — Underbanked and lower income consumers and communities want convenience and low prices just like mainstream consumers do, but a recent study found that they also want intangible things like greater trust and a personal connection that credit unions may be better positioned to offer.

The Power of Experience In Understanding the Underbanked Market, which has been released by the Center for Financial Services Innovation, found that underbanked consumers make financial decisions differently than mass market customers, strongly emphasizing intangibles such as respect, trust, safety, security, and a sense of belonging, CFSI said.

The study also found that underserved consumers cash an average of 20 checks per year and that these have an average check size of $452. Most of them want to have a relationship with a credit union or bank. More than 60% have a checking account and 45% have a savings account and between a third and almost half of those who do not have these sorts of accounts would like to have them.