Designing more inclusive financial experiences for underbanked users
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The Challenge
A financial services company needed to understand how underbanked and underserved users experience digital financial products and identify opportunities to create more inclusive services.
With the FDIC reporting that 14.2% of U.S. households—about 19 million—were underbanked in 2023, millions of consumers have bank accounts but lack access to many traditional financial tools. The client wanted to ensure their digital financial and peer-to-peer payment experiences worked for a broader range of users, including those who often face barriers in traditional financial systems.
The team needed to understand the financial backgrounds, goals, and product experiences of underserved populations—but also required a research partner who could reach participants often underrepresented in traditional research panels.
AnswerLab’s Approach
AnswerLab partnered with the client to design a research program that would surface the lived experiences, barriers, and unmet needs of underserved financial users.
Recruiting diverse and underrepresented participant groups
Our Research Operations team developed a targeted recruiting strategy to reach participants who are often difficult to identify through traditional research panels. We recruited participants across the U.S. and international markets, including individuals who: Did not currently have financial service accounts; Spoke English as a second language; Had lower household incomes; Had visual, auditory, or learning disabilities.
In-depth interviews exploring real financial behaviors
AnswerLab researchers conducted remote, one-on-one interviews with participants to understand their financial goals, challenges, and experiences with digital financial tools. Participants interacted with core product flows during the sessions, including: Account sign-up, P2P payments, Withdrawals and transfers, Contacting customer support. These sessions helped the team identify barriers users faced when navigating financial services and where product improvements could create a more inclusive experience.
Key Insights & Results
Accessibility gaps created barriers for users with disabilities
Testing revealed usability issues for participants relying on assistive technologies such as screen readers. Improvements to features such as alternate text, magnification, color treatments, and sensitivity settings could significantly improve accessibility.
Sign-up and authentication processes created friction
Participants with disabilities and non-native English speakers encountered challenges during sign-up and sign-in flows, highlighting opportunities to simplify these critical entry points.
Financial instability shaped how users interacted with products
Participants with inconsistent income approached financial tools differently, often prioritizing flexibility and immediate access to funds over other features.
Access to support played a critical role in user confidence
Participants emphasized the importance of easily finding help when issues arose, particularly when managing digital transactions.
Business Impact
Inclusive product roadmap
Strategic recommendations informed product improvements and development priorities grounded in the lived experiences of underserved users rather than assumptions.
Expanded market opportunity
By designing for underbanked users' needs, the client identified opportunities to serve 19 million underbanked households while strengthening the overall product experience.
Accessibility compliance and improvement
Research identified specific barriers for users with disabilities, providing a clear path to improve both legal compliance and usability for assistive technology users.
