| Vol. 7 Issue 11 | December 2011 |
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Underbanked Market Size Knowledge Brief Released
In early November, the Underbanked Market Size Knowledge Brief was released by Core Innovation Capital and CFSI. The report summarizes that there are 60 million underbanked consumers in the US, who generated approximately $45 billion in fee and interest revenue for financial service providers in 2010.
The Underbanked Market Size report was released to demonstrate that there is not only a substantial need for high quality financial products and services to serve the underbanked population, but a significant revenue opportunity in providing them. The report has been featured in The Huffington Post, My Bank Tracker, and Credit Union Times.
Find the New Underbanked Market Data Knowledge Brief and additional information on the CFSI website. |
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Underbanked Forum 2012 Registration Now Open!
Click here to register for the 7th Annual Underbanked Financial Services Forum and to see a special message from the conference chair, Jennifer Tescher! This year's conference will be held in San Francisco, California, on June 13-15. We are offering readers of our newsletter a special discount: register with code CFSINL to receive $200 off your conference registration fee.
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| Upcoming Webinar: Banks and Prepaid Cards |
| Join CFSI for a free webinar event on December 13th at 1 pm CST titled "Banks and Prepaid Cards: Trends, Public Policy, and Innovations." CFSI will present the latest trends and themes we've uncovered from banks exploring or issuing prepaid cards. CFSI will also welcome MasterCard to present their latest research on over 40 financial institutions regarding their interest in prepaid products, plus drives and challenges related to offering prepaid. Hear directly from a representative of Regions Bank who is currently issuing prepaid products, and from a member of CFSI's policy team describing the regulatory environment and how it will affect the future of prepaid.
Register here for the webinar.
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Using Customer Data to Serve the Underbanked by Josh Turnbull
CFSI's Josh Turnbull, Managing Consultant, Advisory Services, was featured in BAI's Banking Strategies. Many financial institutions have realized the vast potential of the underbanked market and are actively taking the next steps towards serving this particular consumer segment. Turnbull shares several thoughts on how institutions can take action in including this segment by knowing the customer, creating real value, focusing on integrated delivery, measuring value, and targeting customers.
See the article here.
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Filene Research Institute Launches LIFT Initiative
CFSI Grantee, The Filene Research Institute, recently invited guest speaker and astronaut Janet Kavandi to share about launching a successful mission as they kickoff the multifaceted LIFT initiative.
Click here to see the full article on the LIFT event. |
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| Direct Deposit and Rent Payments Are Areas Ripe for Tech Solutions by Jennifer Tescher
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| This month in her American Banker article, CFSI President and CEO, Jennifer Tescher, spotlights the opportunity for financial service providers to reach underserved consumers specifically in the areas of direct deposit, check cashing, and rent payments. She highlights innovators like PayPerks and Chexar who are offering consumer-centric products, and presents the need for financial service providers to include the underserved in a unified manner. Click here for the full article on American Banker. |
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CFSI Hosts the Underbanked Solutions Exchange in Chicago On November 15-17, CFSI brought together leaders from mid-sized banks and credit unions to learn about the latest industry best practices in engaging underbanked consumers during the Underbanked Solutions Exchange held in Chicago. The entire program helped participants focus on the underbanked consumer's needs and including a session where CFSI sent them into a variety of financial services providers to experience financial services the way underserved consumers do. The Underbanked Solutions Exchange gave participating institutions the opportunity to engage in extensive knowledge-sharing with peer institutions, learn about best practices in the industry, and build relationships with pioneering service providers.
Read the full press release here. |
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News From Core Innovation Capital
CFSI's strategic partner Core Innovation Capital's Managing Partner Arjan Schütte blogs on important issues affecting underbanked consumers as well as innovative financial services products.
This month, read Arjan's recent blog posts:
See more information on Core Innovation Capital. |
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Innovators Showcase
If you want to know how our showcased innovators are transforming the financial services landscape to better serve underbanked consumers, check out these recent and archived articles and press releases...
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CFSI Speaking Engagements
- March 13, 2012 | Prepaid Expo | Las Vegas, NV. Arjan Schütte, Senior Advisor, CFSI, will be presenting "Underbanked Market Potential" and David Newville, Senior Policy Analyst, CFSI, will be presenting "Prepaid Disclosure Research."
- March 13, 2012 | Prepaid Expo | Las Vegas, NV. David Newville, Senior Policy Analyst, CFSI, will be presenting market research on the topic "The Fate of Payroll Cards: Restrictions and Regulations Across the US."
- March 13, 2012 | Prepaid Expo | Las Vegas, NV. Rachel Schneider, Vice President, Innovation and Research, will be moderating a panel at the Prepaid Expo discussing "The Compass Guide to Prepaid Quality."
- June 13-15, 2012 | The 7th Annual Underbanked Financial Services Forum | San Francisco, CA. The Forum will highlight groundbreaking innovations and showcase efforts by leading financial services providers to help underserved consumers move toward financial prosperity.
