ForSight™ Platform Uncovers the Needs and Preferences of Unbanked and Underbanked Consumers through Online Conversations
The unbanked and underbanked represent future profitable customers for traditional financial institutions. But aside from some solicited survey responses on unbanked and underbanked households, little is known about this community and its interests. We faced a complex task: how can we analyze an abstract concept like the “underbanked,” and reveal opportunities to develop a more effective marketing strategy?
Unfortunately, no one is going to tweet, “I am underbanked, and these are the reasons why.” There is no hashtag we can track. Instead, (1) identifying online conversations by the underbanked and (2) understanding the texture of these conversations requires a much more strategic approach—and underscores a major shortcoming of keyword-based analysis methodologies.
So what did we do?
Underbanked classification simply refers to the routine use of alternative financial services (AFS), such as pay day lenders, pawn shops, and check cashers—irrespective of whether the individual actually holds a deposit account at a traditional banking institution. And as Wal-Mart is one of the largest U.S. check cashers with its branded Walmart MoneyCenter, we thought this could be a great source to provide some answers.
In order to truly capture the sentiments and underlying motivations of this consumer population, we turned to the Crimson Hexagon ForSight™ platform to perform contextual analysis of the personal banking experience at this sample AFS provider financial services study.
Have you been searching for new, creative ways to drive revenue from your underserved customer segments? Download the full complimentary ebook “Profiling the Unbanked and Underbanked” to learn more about our findings, and how social intelligence can play a critical role in the solution.