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Underbanked Put Intangible Elements as High as Convenience, Low Prices, Study Finds

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.

By David Morrison | Updated on June 19, 2007

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.

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