21
Dec

New Study – Unbanked Pay $89 Billion in Fees

40-Percent

By Jer Trihouse – NEW YORK — Today, the Center for Financial Services Innovation (CFSI) and Core Innovation Capital (Core) released their third annual Financially Underserved Market Size Study. The new data reveals that revenue from interest and fees paid by financially underserved consumers rose 8% to $89 billion in 2012 from the previous year.

The report, which benefitted from strategic input and financial support from Morgan Stanley, examined 23 financial products used by over 68 million financially underserved consumers in the United States. The fees and interest figure was generated by an overall market volume of $792 billion in principal loaned, funds transacted, deposits held, and other financial services provided.

http://www.cfsinnovation.com/content/2012-financially-underserved-market-sizing-study.

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