Untap new potential with underbanked consumers

Untap new potential with underbanked consumersEach year, underbanked consumers alone spend nearly $11 billion on nontraditional financial transactions like payday loans and check-cashing services, and conduct more than 340 million nonbank transactions.

In total, this largely untapped demographic segment represents more than 30 million households and 77 million consumers — more than one-third of the entire U.S. population. This undermarketed and underbanked segment is ethnically diverse, fast-growing and has incredible purchasing power.

Build trust and gain acceptance by leading with products and services often used by this target audience like check cashing, savings accounts and auto loans. Using the most comprehensive array of noncredit data available from Experian, including consumer demographic, behavioral and geo-demographic information, ChoiceScoreSM’s custom models offer users the ability to identify underbanked consumers.

The first model identifies and assigns a confidence score determining the propensity for a consumer to be in the underbanked population. The confidence score is 1 to 9, with 1 being the most confident.

The second model applies a score to identify the prospects with the least and most potential within the ChoiceScore population that can be included within an invitation to apply. The risk score is 1 to 9, with 1 being the least risky.

ChoiceScore helps marketers identify and more effectively market to underbanked consumers, including but not limited to:

  • New legal immigrants
  • Recent graduates
  • Widows
  • Those with a generation bias against the use of credit
  • Followers of religions that historically have discouraged credit
  • Consumers with transitory lifestyles, such as military personnel

To reach this fast-growing and largely untapped population, you need ChoiceScore to predict and rank the potential and reward of direct marketing to this group. 

To find out more about ChoiceScore, contact your Experian sales representative. Call 1 800 520 1221 or visit our Website at

Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.