Empowering Financial Access: How Digital Innovation is Expanding Inclusion in the U.S. Banking System

Financial inclusion is no longer a concept reserved for emerging markets—it’s a pressing challenge and opportunity within the United States. While the U.S. is often seen as a leader in banking and financial innovation, millions of Americans remain outside the formal financial system. According to the Federal Deposit Insurance Corporation (FDIC), nearly 5.9 million U.S. households were unbanked as of 2021, and many more are underbanked, relying on non-traditional financial services that often come with high fees and limited protections.

At Veritran, we believe that expanding financial access and promoting digital financial inclusion are essential not only for economic growth but also for social equity. In this article, we’ll explore the state of financial inclusion in the U.S., the barriers that persist, and how technology can play a transformative role in bridging the gap.

The Landscape of Financial Inclusion in the U.S.

Despite being one of the wealthiest nations in the world, the U.S. faces significant disparities in access to finance. Many low-income communities, people of color, immigrants, and rural residents face systemic challenges that make it difficult to open a bank account, access credit, or save for the future.

The FDIC’s National Survey of Unbanked and Underbanked Households reveals that a lack of trust in financial institutions, high banking fees, and insufficient funds to meet minimum balance requirements are among the top reasons individuals avoid traditional banking services. These challenges highlight the critical need for inclusive strategies that address the real-world barriers Americans face.

Key Statistics:

4.5% of U.S. households were unbanked in 2021.

14.1% were underbanked—meaning they had a bank account but also used alternative financial services such as payday loans or check-cashing services.

Households with volatile incomes, particularly gig workers and hourly wage earners, are more likely to lack consistent access to finance.

An inclusive banking system isn’t just fair—it’s economically transformative

The importance of financial services in driving individual and collective prosperity cannot be overstated. Being financially included means having access to secure, affordable, and reliable tools for saving, borrowing, transacting, and planning. For underserved populations, this can mean the difference between stability and vulnerability.

The benefits of financial inclusion extend beyond personal financial health. At the macro level, inclusive financial systems promote economic resilience, reduce poverty, and support innovation. A more inclusive U.S. banking system ensures that everyone—regardless of income level, geography, or background—can contribute to and benefit from economic growth.

Core Benefits Include:

Economic empowerment: Access to credit allows individuals to invest in education, homes, and small businesses.

Wealth building: Bank accounts and savings tools are crucial for building long-term financial security.

Resilience: Financially included individuals are better prepared to handle emergencies and recover from economic shocks.

The Role of Digital in Advancing Inclusion

Digital financial inclusion represents one of the most promising frontiers for expanding access in the U.S. With the rapid rise of fintechs, mobile banking, and embedded finance, traditional barriers are being redefined. Consumers can now open accounts, apply for loans, and manage their finances entirely from a smartphone—no branch required.

However, digital transformation must be inclusive by design. The shift toward digital channels can inadvertently exclude those without internet access, digital literacy, or trust in online platforms. Bridging this gap requires a human-centered approach that balances innovation with empathy and accessibility.

Technology that Drives Inclusion:

Low-code platforms: Enable faster, scalable development of user-friendly apps tailored to different communities.

Biometric authentication: Offers secure and accessible login options, particularly for users without traditional documentation.

Data analytics: Helps banks personalize financial services and identify underserved segments.

4 Barriers U.S. Banks Must Address

To drive meaningful financial inclusion in banking, U.S. financial institutions must recognize and address key structural and social barriers that limit equitable access to financial services. These are not just challenges—they are opportunities for innovation and strategic growth.

1. Digital divide
   Over 21 million Americans lack access to broadband internet (FCC), severely limiting their ability to access digital banking tools.
   What banks must do: Expand mobile-first, low-data apps and invest in partnerships that bring financial services into underserved physical spaces—like local stores, community centers, and libraries.
2. Cultural and language gaps
   Only 12% of banking apps currently support Spanish (Pew Research), alienating one of the largest and fastest-growing demographics in the U.S.
   What banks must do: Prioritize multilingual support and culturally relevant user experiences that reflect the needs and behaviors of diverse communities.
3. Trust and financial literacy deficit
   Decades of mistrust, opaque fee structures, and predatory alternatives have pushed many Americans to avoid traditional financial institutions.
   What banks must do: Build transparency into digital experiences, eliminate hidden fees, and embed financial education directly into user journeys.
4. Gender and inclusion gap
   Women continue to report lower satisfaction with their financial situation—only 27% feel financially secure, compared to 43% of men (Global Financial Inclusion Index, 2024).
   What banks must do: Design financial products that address the unique financial behaviors and goals of women, and proactively measure inclusion metrics beyond account ownership.

By confronting these issues head-on, financial institutions can reshape the future of banking—not only by expanding financial access but by cultivating loyalty, driving growth, and fulfilling a critical social mission.

Veritran’s Vision for Financial Inclusion

At Veritran, we’re committed to transforming financial services through intuitive, inclusive, and impactful digital experiences. Our Enterprise Low-Code Platform empowers banks and credit unions to build digital products that are not only functional but also human-centered. By reducing development complexity and cost, financial institutions can focus more on customer needs—especially those of underserved populations.

Our work in Latin America has shown that digital solutions can significantly boost financial access and improve user engagement. We see similar potential in the U.S., particularly among immigrant communities, gig workers, and digitally savvy but underbanked youth.

What We Offer:

• Rapid deployment of digital wallets and accounts.
• Integration with alternative data sources for better credit scoring.
• Seamless onboarding experiences with inclusive ID verification.

Looking Ahead: A More Inclusive Future

The future of financial inclusion in the U.S. depends on the financial sector’s ability to meet people where they are—geographically, economically, and digitally. This means designing systems that prioritize user experience, cultural relevance, and financial education.

Inclusion as a Driver of Sustainable Development

Embedding financial inclusion into the broader framework of sustainable development ensures that banking systems contribute to long-term social and economic well-being. It is not only a question of improving access to finance but also of reinforcing the stability and resilience of entire communities.

When individuals and small businesses have access to affordable financial services, they are better positioned to withstand crises, invest in their future, and contribute to local economies. This dynamic creates a positive feedback loop—stronger communities generate stronger markets, which in turn sustain the growth of financial institutions.

Moreover, promoting inclusion aligns with Environmental, Social, and Governance (ESG) goals that many financial institutions are now adopting. In this context, financial inclusion becomes a tangible metric of social impact and responsible innovation.

The road ahead is clear: we must build a U.S. financial system that is inclusive by default, not by exception. The importance of financial services lies not just in their economic utility but in their power to enable participation, dignity, and opportunity. At Veritran, we invite our partners in banking, technology, and government to join us in this mission—to create a future where financial inclusion is a right, not a privilege.