Technological advances and changes in consumer behavior have effectively taken away the banking sectors dominance in the provision of many financial services. There are millions of households in the U.S. who don’t have traditional bank accounts. This has generally been seen as a problem with efforts focused on making them “banked".
But now the thinking on the solution to the problem may be changing, as many consumers that could have a bank account are choosing to forgo them given the number of alternatives available. Prepaid debit cards, PayPal, retailer accounts like iTunes and Starbucks, P2P lenders and layaway programs are just some of the examples of solutions that exist today that have been proven stable and don’t require a bank account.
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