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What Factors Drive People’s Selection of Financial Services?

In 2017, 24.2 million households in the United States–25% of the population–did not have access to basic financial services such as banks or online lending services. Many of these people instead opt for alternative financial services (AFS) that are expensive and prone to predatory practices, such as check-cashing outlets, payday lenders and more. How can we make basic financial services more accessible?
Sherry L. Williams, DBA ‘19, studies what factors people care about when they select financial services. She finds that trust and convenience are the most important considerations. The findings have implications for financial service providers and public policymakers.