The Center for Financial Services Innovation (CFSI) and Core Innovation Capital released their second annual underbanked market sizing brief, which illustrates the range of opportunities for institutions seeking to develop high-quality, affordable financial solutions in the marketplace. The report, which benefits from strategic input and financial support from Morgan Stanley, encompasses 22 financial product types utilized by over 68 million underbanked consumers in the United States.
The new data reveals revenue gained from interest and fees paid by underbanked consumers rose to $78 billion in 2011, a seven percent increase from comparable 2010 data. This revenue was generated from an overall market volume of $682 billion in principal loaned, funds transacted, deposits held, and other financial services rendered.
See the full report below.