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Giving Credit Where Credit is Due: Serving the Underserved in the United States

By: Zoot Enterprises
Published: 3/3/2010

In a market where the competition is increasingly tough and financial survival is even tougher, financial institutions (FIs) are actively looking for new opportunities. An area that has recently been cast into the spotlight is the underserved population. Representing 40 million U.S. households with an estimated profitability in the billions, this market has long been overlooked by an industry that is uncertain how to best meet these individuals’ unique needs.

In order to better capture the opportunity with the underserved market, FIs must understand the psychosocial underpinnings of this group in addition to how and when they value credit. To do this, institutions can turn to an unlikely source: the European credit culture. By exploring the similarities of these two groups, it may be possible for FIs to employ some of the successful European credit strategies to more effectively serve the underserved population in the US.


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