CHICAGO -- Today, the Center for Financial Services Innovation announced the results from its first effort to catalog all existing financial products and services aimed at the underbanked
population: the Underbanked
com) will be invited to present demonstrations of their products and answer audience questions on the main stage at CFSI's 6th Annual Underbanked
Financial Services Forum on June 9th, 2011, in New Orleans, LA.
Wooing the Underbanked
With a special focus on prepaid cards is a market research study designed specifically to profile underbanked
We are delighted that CFSI decided to highlight SelfHelp's Micro Branch for this Underbanked
Solutions Exchange meeting," said Haydee Moreno, SelfHelp's Micro Branch Director.
PaySwag, a mobile app by CET that works on improving the payment experience for the underbanked
, is integrating Sionic Mobile's ION Commerce Engine (ICE) to enable the loading of cash into a mobile wallet, allowing app users to pay for purchases with their phones and instantly earn rewards via the Mobile Rewards MarketplaceTM which includes more than 100,000 retail locations.
As per the FDIC, 36 percent of the households in the state are underbanked
and unbanked households.
Regardless of the reason, most underbanked
workers don't realize how much money they're losing each month when they use alternative banking methods.
are not a homogenous group that can be easily targeted with a one-size fits all approach," said Mark Schwanhausser, Director - Multichannel Financial Services at Javelin Strategy & Research.
According to the Center, the report, which benefits from strategic input and financial support from Morgan Stanley, encompasses 22 financial product types utilized by over 68 m underbanked
consumers in the United States.
The FDIC conducted a pilot project in 2011 to determine the feasibility of offering these accounts to help meet the needs of unbanked and underbanked
In addition to collecting accurate estimates of the number of unbanked and underbanked
households in the US, the survey was designed to provide insights into their demographic characteristics and reasons why the households are unbanked and/or underbanked
Unique debt recovery product combines proprietary underbanked
data, real-time reporting for hard-to-locate debtors