The 2023 National Survey reveals that the unbanked and underbanked households in the U.S. have reached an all-time low of 4.2%, a significant achievement since 2011.
Keith Ernst of the FDIC notes that technological innovation, particularly in developing safe accounts, has played a critical role in reducing the number of unbanked households.
The FDIC's introduction of safe accounts has allowed low-income users to access interest-bearing accounts without overdraft fees, making banking more inclusive.
Lobbyists might warn that regulatory changes could reverse gains in financial inclusion, but evidence suggests that tech-driven innovation is key to sustaining progress.
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