Banks have long struggled with selling financial services to low-income consumers. High unemployment and the housing crisis has pushed consumers to alternative financial service providers rather than banks.
President & CEO, Jennifer Tescher, says "There's a tremendous enthusiasm about this market, both as people come to understand this market, and as it's gotten bigger in the wake of the financial crisis."
Many banks are developing products for consumers who no longer qualify for traditional checking accounts. While offering relevant products, banks hope to improve their reputation among low-income consumers.