underbanked

American  

[uhn-der-bangkt] / ˌʌn dərˈbæŋkt /

adjective

1. not having adequate access to banks or similar financial institutions.

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noun

1. the underbanked, people who do not have adequate access to banks.

Other Word Forms

• underbanking noun

Example Sentences

There is strong growth in payments activity and consumer lending, they write, pointing to potential for further expansion from Indonesia’s large underbanked population and a low lending penetration rate among users.

From The Wall Street Journal

Affirm and Klarna both offer buy-now-pay-later services that cater to the “underbanked,” Keane noted.

From MarketWatch

In addition, the state’s CalMoneySmart program provides annual grants of up to $200,000 to nonprofit organizations to “provide financial education and financial empowerment programs and services for unbanked and underbanked Californians.”

From Los Angeles Times

JPMorgan Chase Chief Executive Jamie Dimon, for example, told the committee that his bank had introduced “low-cost, no-minimum balance, no-overdraft accounts specifically designed for the unique needs of lower-income and historically underbanked consumers.”

From Los Angeles Times

Underbanked people may have a bank account but also rely on alternative financial services.

From Los Angeles Times