Since its inception in 2004, CFSI has broadened the scope of the financial services industry by driving the focus towards strategies to better serve the underbanked. CFSI accomplishes this goal through its commitment to communicate research and best practices; to provide networking and investment opportunities; to convene roundtables to develop products and solutions; and to give voice to the issues of the underbanked through public policy statements. Here are some of CFSI’s successes to date:
- CFSI co-sponsors the annual Underbanked Financial Services Forum and has successfully developed the leading underbanked conference in the nation. The Forum brings together banks, credit unions, vendors, and regulators to explore topics such as prepaid cards, remittances, credit scoring, and small-dollar loans. In 2008, the 3rd Annual Financial Services Forum will set the focus on marketing and distribution, products and pathways, and risk management. The Underbanked Financial Services Forum continues to be the leading event on underbanked issues in the industry, with the latest information from the field and sponsorship and support from both national brands and cutting-edge innovators.
- Extensive coverage in the financial services press. CFSI is a sought-after expert resource by journalists covering the industry. Publications quoting or referencing CFSI have included American Banker, Cards and Payments, Credit Union Journal, the Economist, The New York Times, U.S. Banker, and The Wall Street Journal. In addition, CFSI Director Jennifer Tescher writes a monthly column for American Banker, which appears generally on the last Friday of the month and covers latest developments at CFSI and in the financial services industry.
- CFSI has distributed over $1.5 million in grants and investments. Grants have supported organizations developing new products and practices ranging from prepaid cards to improved insurance underwriting to workplace distribution solutions. The Wal-Mart Foundation has awarded CFSI a $2 million grant to assist innovative nonprofit organizations in providing financial services and asset-building opportunities to underbanked consumers. CFSI will use the funds to identify and advance the efforts of pioneering nonprofit service providers through both financial and technical assistance. In 2007, CFSI established the Catalyst Fund, L.P. CFSI supports promising new companies, products and solutions through direct investment via its Catalyst Fund, grants, and by working to attract and organize funding from other sources. CFSI's investees are building alternative financial service products, lending systems and credit assessment tools, with measurable business growth already achieved.
- The establishment and evolution of the Innovators and Responsible Credit Roundtables. The Innovators Roundtable brings together traditional and non-traditional financial institutions and significant service and solution providers in collaboration to both transform industry practice and assist roundtable members in achieving their own business goals. The Responsible Credit Roundtable focuses on the credit card sector, engaging industry and non-profit stakeholders to devise, test and implement improved communications and account practices that build value for both companies and customers. These forums for industry leaders demonstrate the growing consensus of underbanked strategy as crucial for providers committed to organic growth, while creating a mechanism to drive industry-wide change.
- CFSI initiated the first comprehensive, authoritative national segmentation study of the underbanked market to deliver actionable information for financial services providers to better serve the underbanked. Citi, Fidelity National Information Systems (formerly eFunds), H&R Block and MasterCard are together sponsoring the research. The segmentation study will gather information on the attitudes, behaviors, preferences, needs and desired experiences of underbanked consumers across a broad, representative sampling of the many groups that make up this market.
- CFSI’s Business Match event series brings together senior decision makers from financial services institutions and providers to meet with a select group of solution providers appraised by CFSI and determined to be best in class for this segment. To date, there have been three Business Match events on the following topics: Check Cashing, Remittances, and Alternative Data. In its first year, Business Match yielded a half-dozen signed contracts that moved to the pilot stage, with several fully deployed. In 2007, the Alternative Data Business Match led to over a dozen tests, pilots and signed full deployments.
- Over 50 research papers, case studies and success stories published. Topics range from alternative credit data, prepaid cards, remittances, and successful business models for serving the underbanked.
- Presentations by CFSI at other major industry events. CFSI team members speak at national level events dealing with every facet of the industry, from BAI's Retail Delivery Conference and Expo, to SourceMedia's ATM, Debit and Prepaid Forum to the ABA's National Conference for Community Bankers.
Dig Deeper: Opportunities to Serve the Underbanked (PDF), Latest News, Publications, Events, Media Kit
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