Unbanked Marketplace  |  Simple Automated Money 

The alternative financial services (AFS) marketplace is fragmented and in the early days evolving toward full automation.  Simple Automated Money is the premier manufacturer and leader in automated check-cashing systems.  We launched our first check-cashing kiosk in 2014 and continues to improve and expand the Kiosk's functionality and potential based on valued-user input. 

The F.D.I.C. has been measuring the AFS market space since 2008 when it released the 2008 Report on America's Unbanked and Underbanked Population.  Since then, the Report has been revised several times and partially updated in 2019.  The Report is quite lengthy but several key elements stand out which are shown below:  

  • 14.1 million wage-earning adults have no bank access

  • 48.9 million wage-earning adults had limited bank access and used AFS products

  • Consistent banking status varied considerably across the U.S. population. For example, unbanked and underbanked rates were higher among lower-income households, less-educated households, younger households, black and Hispanic households, working-age disabled households, and households with volatile income

  • The largest percentage of unbanked (10%) were under 24 years of age

  • Blacks and Hispanics made up 30.9% of the unbanked number

  • Physical access (location and open times) for bank branches remains a problem even as use of mobile banking and online banking has increased.  These findings suggest that branches continue to play an important role for banked households and leave out an important segment of unbanked who are typical time-starved and cannot get to bank branches during open hours.  AFS locations tend to be open later and are more conveniently located in neighborhoods where the unbanked live.

  • NM, TX, LA, MS, AL, GA, WV, SD, AK, and NY lead the states with highest number of unbanked (>29.2%)

  • WA, ID, UT, NE, IA, MN, VA, and VT are among the lowest states of unbanked and underbanked (<19.1%)

 

source: FDIC Report on Unbanked and Underbanked Americans (2017)

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