Giving Credit Where Credit Is Due: Serving the Underserved in the United States Through Insight into the European Credit Culture
| Published: | August 3, 2009 |
| Format: | |
| Length: | 12 pages |
| Author: | Tiffany Dood |
The underserved population is approximately 70 million U.S. individuals with an estimated profitability in the billions, but this market remains out of reach unless financial institutions (FIs) develop a better understanding of this population. In order to better capture the opportunity, 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. This white paper discusses the similarities of these two groups and how products popular in Europe could be used to more effectively serve the nontraditional customers in the United States.
