Product Code Database
The underbanked is a characteristic describing people or organizations who do not (or volunteer to not) have sufficient access to mainstream financial services and products typically offered by Retail banking and thus often deprived of banking services such as or . The underbanked can be characterized by a strong reliance on non-traditional forms of finance and micro-finance often associated with disadvantaged and the poverty, such as cheque cashers, and .
Many people who are classified as underbanked may also have a language barrier, such as , be unable to access banking facilities due to distance, such as the elderly, or simply feel uncomfortable using automated teller machines.
The underbanked are a distinct group from the unbanked, who are characterized by having no banking facilities at all.
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