Our Mission and Our Work

CFSI, a non-profit affiliate of ShoreBank Corporation, was founded in 2004. Its mission is to assist the financial services industry to identify, develop, and implement innovative ways to serve the underbanked market that are profitable for both company and customer. We believe that the long-term economic interests of both sides are best served by combining the drive and resources of private industry with a deepening understanding of how to move consumers in this broad, increasingly desirable market segment toward building assets and financial prosperity.

To achieve this, we assist pioneering providers across the industry landscape, both large and small, established and emerging, national and local. Banks, credit unions, technology vendors, alternative service providers, consumer advocates, and policy makers all find support here to forge the new relationships, products, and strategies that will transform industry practice.

The Center has developed a variety of programs and activities to promote and enhance underbanked strategy and practice. It provides funding for innovative solutions, connects potential partners, offers platforms for testing products and services, and identifies, develops and distributes authoritative information on how to respond to the needs of the underbanked profitably and responsibly.

Why "underbanked"?

CFSI uses the term "underbanked" or "underserved" to describe the consumers served by its initiatives. This is a large, diverse population, with significant economic power and potential. Many of these consumers have both traditional and non-tradition financial services relationships, or previously had such relationships. The one common denominator they all share is that their financial needs are not currently fully met; they do not have access to the products and services that could put them on the road to prosperity.