Since its inception in 2004, CFSI has broadened the scope of the financial services industry by driving the focus towards strategies to better serve the underbanked. CFSI accomplishes this goal through its commitment to communicate research and best practices; to provide networking and investment opportunities; to convene roundtables to develop products and solutions; and to give voice to the issues of the underbanked through public policy statements.

Here are some of CFSI’s successes to date:

• CFSI co-sponsors the annual Underbanked Financial Services Forum and has successfully developed the leading underbanked conference in the nation. The Forum brings together banks, credit unions, vendors, and regulators to explore topics such as prepaid cards, remittances, credit scoring, and small-dollar loans. In 2010, the 5th Annual Financial Services Forum set the focus on marketing and distribution, products and pathways, and risk management. The Underbanked Financial Services Forum continues to be the leading event on underbanked issues in the industry, with the latest information from the field and sponsorship and support from both national brands and cutting-edge innovators.

• In 2009, CFSI hired Policy Director Melissa Koide to lead CFSI’s policy efforts and to provide national leadership on financial services policies affecting lower income, underbanked consumers. CFSI provides new ideas on public policies that encourage and enhance access to financial services for the financially underserved. CFSI seeks to advance federal financial services policy to spur product innovation and market competition, address impediments to high-quality financial services access, and to educate policymakers about low income consumers’ financial services needs.

• Extensive coverage in the financial services press. CFSI is a sought-after expert resource by journalists covering the industry. Publications quoting or referencing CFSI have included American Banker, Cards and Payments, Credit Union Journal, the Economist, The New York Times, U.S. Banker, and The Wall Street Journal. In addition, CFSI Director Jennifer Tescher writes a monthly column for American Banker, which appears generally on the last Friday of the month and covers latest developments at CFSI and in the financial services industry.

• CFSI has distributed over $3.25 million in grants and investments. Grants have supported organizations developing new products and practices ranging from prepaid cards to improved insurance underwriting to workplace distribution solutions. The Wal-Mart Foundation has awarded CFSI a $2 million grant to assist innovative nonprofit organizations in providing financial services and asset-building opportunities to underbanked consumers. CFSI used the funds to identify and advance the efforts of pioneering nonprofit service providers through both financial and technical assistance. In 2007, CFSI established the Catalyst Fund, L.P. CFSI supports promising new companies, products and solutions through direct investment via its Catalyst Fund, grants, and by working to attract and organize funding from other sources. CFSI's investees are building alternative financial service products, lending systems and credit assessment tools, with measurable business growth already achieved.

• In May  2010, CFSI launched a strategic partnership with Core Innovation Capital I, LP, which was recognized by the Clinton Global Initiative for its leadership market-based financial inclusion. Goldman Sachs led the investment in Core Innovation Capital and the partnership is a direct extension of CFSI's previous investment activities through the Catalyst Fund and before. 

• The establishment and evolution of the Innovators Roundtable. The Innovators Roundtable, newly merged with our Responsible Credit Roundtable, brings together traditional and non-traditional financial institutions and significant service and solution providers in collaboration to both transform industry practice and assist roundtable members in achieving their own business goals. This forum for industry leaders demonstrates the growing consensus of underbanked strategy as crucial for providers committed to organic growth, while creating a mechanism to drive industry-wide change. 

• CFSI launched the Underbanked Solutions Exchange. The Exchange was initiated to create the opportunity for mid-sized banks and credit unions to engage in extensive knowledge-sharing with peer institutions, learn the latest best practices, and build relationships with pioneering service providers. Through this collaborative network, financial institutions access the tools needed to develop and expand a portfolio of products and services to implement viable underbanked solutions.

• CFSI initiated the first comprehensive, authoritative national segmentation study of the underbanked market to deliver actionable information for financial services providers to better serve the underbanked. Citi, Fidelity National Information Systems (formerly eFunds), H&R Block and MasterCard are together sponsoring the research. The Underbanked Consumer Study gathered information on the attitudes, behaviors, preferences, needs and desired experiences of underbanked consumers across a broad, representative sampling of the many groups that make up this market.

• Over 60 research papers, case studies and success stories published. Topics range from alternative credit data, prepaid cards, remittances, and successful business models for serving the underbanked.

• Presentations by CFSI at other major industry events. CFSI team members speak at national level events dealing with every facet of the industry, from BAI's Retail Delivery Conference and Expo, to SourceMedia's ATM, Debit and Prepaid Forum to the ABA's National Conference for Community Bankers.