Financial inclusion is not just a buzzword; it’s a mandate for banks looking to comply with CRA requirements while expanding their customer base. Geospatial analytics can help banks identify underserved communities and deploy lending solutions that promote financial inclusion.
Did You Know?
Data from the World Bank shows that 1.7 billion people worldwide remain unbanked, with a large portion of these individuals living in CRA-eligible areas. In the U.S., nearly 20% of households in underserved communities lack access to essential financial services, presenting a huge opportunity for banks to expand their lending programs.
Opportunity to Monetize:
PathFinder’s geospatial tools allow banks to target financial products like personal loans, credit-building products, and small business financing to individuals in underserved areas. This not only helps meet CRA requirements but also expands your bank’s customer base. Additionally, banks can monetize these efforts by offering financial education programs that build long-term relationships with these communities, increasing customer retention and loyalty.
Monetization Insight: Banks that focus on financial inclusion through geospatial analytics report a 12-18% increase in loan volumes, with additional revenue from financial education programs and cross-sell opportunities.