The Responsible Credit Roundtable provides a forum for credit card industry and non-profit stakeholders to devise, test and implement ways to improve communication and account practices to build value for both companies and customers.
With prime markets saturated, underbanked consumers represent the greatest potential for new growth. Yet recent history has demonstrated that for long-term, stable growth, communication with and penetration into this segment presents unique challenges, and requires new models. Even a large, sophisticated organization cannot acquire optimal knowledge and market experience quickly and cost-effectively enough by itself. The roundtable's ability to facilitate broad accumulations of data, cooperative market experimentation and cross-industry alliances have the potential to transform the credit card industry in ways that would otherwise be distant objectives for even the most dynamic organization.
Originally founded five years ago as the Responsible Credit Partnership with support from The Saint Paul Foundation, the initiative was acquired by The Center for Financial Services Innovation in January 2007. New members have been added to its distinctive mix of card issues, networks, risk assessors, counselors, and academics, as the group builds on it existing track record to identify and promote the most effective tools and strategies for serving the underbanked market. Currently, the Roundtable is addressing issues around disclosures and credit features, while building on its previous work in early intervention and the business case for financial education.
The Responsible Credit Roundtable's members are:
