| Vol. 7 Issue 6 | July 2011 |
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Thanks to all who attended the 6th Annual Underbanked Financial Services Forum
From all of CFSI, thanks to everyone who attended our 6th Annual Underbanked Financial Services Forum. This year had the best content, most thought-provoking conversations around serving the financially underserved, and largest attendance to date. Stay tuned for our paper on the trends and learnings from the conference, and save the date for next year's forum in San Francisco, CA from June 13-15, 2012! |
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American Banker: Underbanked Market Is
Niche markets are growing within the underbanked community as a result of the economic climate and tightened consumer credit. There are different markets - young people, older Americans, middleclass consumers who are going through foreclosure - that require tailored solutions for specific needs. Consumers aren't always consistent--they want to use cash and plastic, frequent both banks and non-banks, and prefer high touch and high tech-- and the most successful providers understand how to navigate these various groups and preferences to design products that solve real problems. Uncertainty as the Consumer Financial Protection Bureau ramps up is putting a damper on innovation, as providers await more clear direction. One thing, however, is clear: Quality is the new watchword of both regulators and providers. Access alone is not enough.
Read CFSI President and CEO Jennifer Tescher's article in its entirety here.
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GoalMine Announced as Winner of The Core Underbanked Innovators Challenge at the 6th Annual Underbanked Financial Services Forum
GoalMine's business model was selected the winner from an audience of industry experts, nonprofit executives and government Core Innovation Capital announced GoalMine as the best new product or service innovation for the underserved in America during the "Core Underbanked Innovators Challenge" at the 6th Annual Underbanked Financial Services Forum. An audience vote of industry, government,and nonprofit executives selected GoalMine as the winner. GoalMine enables consumers to start investing with as little as $25. A customer can choose a savings goal, which in turn helps them determine a time frame. Unlike typical investment products, GoalMine is simple to use, with no financial jargon. The company is integrating its product with prepaid cards, so cardholders can easily link their transaction account with an investment vehicle.
Congratulations to GoalMine as well as the other finalists, PayNearMe, FIS and FlexWage. Click here to read more. |
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News from:
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 about Arjan's one man campaign to eradicate APR when it comes to short-term lending and the finalists of the Core Underbanked Innovators Challenge. For more information about Core Innovation Capital, or if you are a company seeking investment opportunities, visit http://www.corevc.com .
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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
- September 20-22, 2011 | Advance 2011| San Diego, CA. Jennifer Tescher, CFSI President and CEO, will speak at this conference on a panel titled "Rediscovering the Consumer." Join Jennifer as she discusses how alternative credit scores and credit data are redefining the credit waterfall, and examines how creditors are using alternative credit scores to redefine credit decisioning. Use CFSI Member discount code FDI2011 for $400 off the registration price.
- September 26, 2011 | Illinois Jump$tart Coalition | Chicago, IL. Joshua Sledge, Analyst, Innovation and Research, will speak at the Illinois Jump$tart Coalition 2011 Teachers Conference. The conference gives Jump$tart partners a platform to share their resources and expertise with the education community and demonstrate appreciation and support for teachers.
