High Noon Between Banks, Remittance Companies Over Unbanked Americans.

Global Advertising Strategies has published a new report titled “The Marketing of Financial Products and Services to Unbanked Americans.” Unbanked Americans comprise more than 13 percent of the 105 million households in the United States. The 2000 Census was a major stimulus for major banks, causing them to pay more attention to the sizable opportunity that the unbanked market represents. Banks such as Bank of America, Wells Fargo, and Citibank offering ATM-money transfer products are the toughest adversaries to traditional money transfer companies, such as Western Union. The lure is quite simple: there were $150 billion in money transfers worldwide in 2003, and remittance companies are bringing in $3.5 billion per year in transfer and currency conversion fees. Since 2001 banks have captured 9 percent of the market, while traditional money transfer companies still enjoy 91 percent of the market. This competitive dynamic is rapidly changing marker shares and marketing attitudes in the funancial services industry.

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