Bank the Unbanked

To address the pressing issue of financial exclusion in Romania, we developed strategies aimed at bringing the unbanked population into the financial system. With a data-driven approach, we set out to understand the root causes of financial exclusion and provide actionable solutions.
  • Sector expertise
Objective

• Identifying and analyzing key segments of Romania’s unbanked population

• Developing targeted strategies for banking adoption, including cost modeling and risk analysis

• Exploring potential partnerships to facilitate financial inclusion

Our approach

• We conducted extensive research on the scale and drivers of financial exclusion in Romania, comparing it to countries with similar socioeconomic conditions but higher financial inclusion rates

• Used data collection, segmentation, and geographic mapping to pinpoint unbanked population clusters

• Conducted 20 in-depth interviews (IDIs) with unbanked individuals to understand their perspectives and reasons for not using banking services

• Developed 10 tailored initiatives aimed at promoting financial inclusion, with an assessment of their potential impact and ease of implementation

Key deliverables

• A comprehensive research paper detailing the scale of financial exclusion and key findings from our market analysis

• An interview deck summarizing insights from the unbanked population

• A recommendations deck outlining 10 strategic initiatives, supported by cost modeling and risk analysis, to help banks reach and engage the unbanked population

This project equipped our client with a clear understanding of the unbanked population in Romania and actionable strategies to drive financial inclusion. By combining local insights with global best practices, we developed recommendations to support the bank in addressing this challenge and opening up new opportunities for growth in an underserved market.