Each 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
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.