The Outreach Among Minority Groups Essay example

1206 Words Apr 11th, 2016 5 Pages
Outreach Amongst Minority Groups When households open a bank account at a financial institution, they begin to establish a mainstream banking relationship. This first step begins with the opportunities for families and clients to learn the processes of depositing funds securely, conducting basic financial transactions, accumulating savings in a savings account, and accessing credit on fair and affordable terms. For some households and individuals, that banking relationship never begins. In the U.S. there are a number of individuals who find themselves ‘unbanked’, which are individuals who do not have any form of account from a financial institution (Federal Deposit Insurance Corporation, 2014). There are also individuals who may have an account, but have also obtained financial services from non-bank alternative financial services which are referred to as the ‘under- banked’ (Federal Deposit Insurance Corporation, 2014). Conducting a higher portion of the combined rate of ‘unbanked’ and ‘underbanked’ individuals are the Hispanics and Asian minorities. The existence of unbanked and underbanked households presents an opportunity for BB&T to continue to expand their current efforts to attracting these minorities who make up a majority of the ‘unbanked’ and ‘underbanked’ population. Hispanics are known to be the fastest growing minority in the country. Their influence will play an important and vital role within the U.S. economy. The Hispanic population will find themselves…

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