According to a study done by the FDIC in 2015, about 25% of US households are underbanked, with about 8% being completely unbanked; according to the World Bank almost two billion people worldwide are still underbanked and access to the traditional banking system is minimal at best; the number is trending down as more fintech companies have arrived on the scene to offer financial products to these segments; these statistics have led a lot of companies to the conclusion that if you offer financial products via mobile devices these numbers will continue to trend downward. Source
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In November 2016 the New York Fed reported on an increase in subprime auto loan delinquencies putting the sector on watch; a report from Fitch Ratings is now showing continued deterioration in the sector during the second half of 2016 and Mizuho is reporting subprime auto loan loss rates increased to 9.1% in January 2017 from 7.9% in January 2016; Fitch reports that 60+ day subprime auto delinquencies increased to nearly 6% in the fourth quarter of 2016. Source
Traditional banks are increasingly investing in financial technology in a number of different ways; banks are developing innovation labs and partnering with fintech companies for new solutions; Digiday provides insight on factors influencing fintech investment at banks in five charts; the chart above shows the areas where banks are most interested in partnering for new developments. Source