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USPS IG – Providing Non-Bank Financial Services for the Underserved

Providing Non-Bank Financial Services for the Underserved, White Papers - RARC-WP-14-007 - 01/27/2014

“One in four U.S. households lives at least partially outside the financial mainstream — without bank accounts or using costly services like payday lenders. The average underserved household spends $2,412 each year just on interest and fees for alternative financial services. Postal financial services may appeal to many customers who feel abandoned by major financial institutions. Postal organizations have an unmatched ability to reach consumers from diverse backgrounds. Many international posts are already garnering significant new revenue and keeping citizens connected by offering financial services. Financial services have been the single best new opportunity for posts to earn additional revenue. For the Postal Service, this might ultimately translate into $8.9 billion per year.”

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