Banks concerned as retail industry attracts profitable customer group with self-service technology

The "unbanked" demographic can be thought of as conducting most or all transactions outside of banks, generally consisting of minority groups, lower income, or younger people and disconnected from or distrusting of the banking system. Our view is that the unbanked are a critical growth engine for many service retailers including banks and credit unions. Further, we do think financial institutions should be concerned about convenient stores? increased aggressiveness in providing financial services to the unbanked; once these customers are franchised, it may be difficult if not impossible to bring them into the branch.