UNDERBANKED
According to a 2021 FDIC Survey, an estimated 14.1% of U.S. households (~18.7 million households) were underbanked in 2021. To put this staggering number into perspective, the segment of the U.S. population that either does not have a bank account or obtained financial products or services outside of the traditional banking system is roughly equal to the population of Canada and Spain combined. Furthermore, an individual who holds a bank account can still be underserved and live on the economic margins—slowly, or suddenly, slipping into the digital divide.
Essentially, we have become a society comprised of digital and financial “haves” and “have nots.” The digital “have nots” encounter barriers multiple times, every day, to products and services the majority of Americans take for granted. Whether it’s using contactless public transportation to arrive at work on-time, accessing telehealth services, learning remotely during a pandemic, or simply streaming a movie to relax, the un/derbanked are the digitally underserved.
It is extremely difficult to stay afloat, much less get ahead, when faced with simply not enough options. Until now.
T-CETRA aims to help the underserved become more financially savvy and to level the digital playing field.
