Common misperceptions about underbanked consumers have hindered banks' efforts to attract business from them, according to the Boston market research company Aite Group LLC.

In a report published Wednesday, Aite identified and tried to debunk 10 "myths commonly held by bank executives, regulators, and consumer advocates about unbanked and underbanked consumers." Bankers need to understand these myths in order to "refocus their efforts" and develop better products for the segment, the report said.

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