| Vol. 8 Issue 1 |
January 2012 |
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| "Banks and Prepaid Cards" Webinar Recording Now Available |
| CFSI hosted "Banks and Prepaid Cards: Trends, Public Policy and Innovations" on December 13th at 1 pm CST. MasterCard Worldwide presented their latest research on over 40 financial institutions regarding consumer interest in prepaid products. Representatives from Regions Bank also shared about their strategy in issuing prepaid products. CFSI's Kimberly Gartner, Vice President of Advisory Services, pointed out trends in banks offering prepaid products, and David Newville, Senior Policy Advisor,described how the regulatory environment will affect the future of prepaid.
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The Underbanked Experience
On October 4-5, 2011, CFSI convened both the Innovators Roundtable, CFSI's network forum for the nation's largest and most innovative financial services providers, and the Financial Capability Innovators Development Lab, in New York, NY. In order to experience financial services the way underserved consumers do, the participants engaged in the Underbanked Experience - a half-day adventure in Harlem, the Bronx, or Washington Heights, where participants visited one of four emerging financial services models for the underserved. They then compared those emerging models to other financial services experiences, as they visited local banks, check cashers, retailers, and pawn shops, where they cashed checks, purchased money orders, transferred money, and bought prepaid cards.
On November 16, 2011, CFSI held its fall Underbanked Solutions Exchange meeting in CFSI's backyard of Chicago, IL. This group of intrepid smaller bank and credit union leaders participated in a Chicago-specific version of the Underbanked Experience and engaged in a deep debrief conversation afterward, grappling with questions about how best to serve this consumer, and how smaller financial institutions can position themselves in the marketplace.
See the photos from the Underbanked Experience here.
Click for more information on the Innovators Roundtable, Underbanked Solutions Exchange, and the Financial Capability Innovators Development Lab.
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Register Now for the 2012 Underbanked Forum!
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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Compass Principles for the Underbanked
by Kimberly Gartner
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This month in her BAI article, Vice President of Advisory Services, Kimberly Gartner, elaborates on the Compass Principles. The Compass Principles are a blueprint for standards of excellence in the design and delivery of basic tools like checking and savings accounts, prepaid cards, and small-dollar loans. Cross sector dialogue and interaction are needed to transform the Compass Principles from words into a plan of action that will enable companies to empower consumers in more effective management of their daily financial lives.
Click here for the full article.
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America Saves Week- February 19-26
Every year, CFSI participates in America Saves Week, coordinated by the America Saves campaign and the American Savings Education Council (ASEC). During the week, ASW and ASEC partner with thousands of organizations with a goal to reach millions of Americans with savings advice, encouragement, and opportunities to take financial action.
America Saves Week 2012 is Febuary 19-26. Over 2000 organizations participated in 2011.
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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 blog posts:
- Ninety Nine Percent In this post, Arjan references the Occupy Wall Street movement and how the underbanked interact with alternative financial service providers like pawn shops.
In December, Global Impact Investing Network featured Core Innovation Capital in a report on Impact-Based Incentive Structures. The report draws on examples of organizations whole are designing financial incentives tied to social and environmental performance.
See the GIIN report here.
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:
- A Win-Win for All CFSI previous grantee Doorways to Dreams Fund (D2D) announces the winners of their innovative Save to Win initiative...
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CFSI Speaking Engagements
- March 13, 2012 | Prepaid Expo | Las Vegas, NV. Arjan Schütte, Senior Advisor, 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, 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."
- April 19, 2012 | Money Smart Week | Gary, IN. Joshua Sledge, Analyst, Innovation and Research, will be speaking about Financial Capability at Indiana University Northwest.
- April 29- May 2, 2012 | NACHA Payments | Baltimore, MD. Kate Dole, Analyst, Innovation and Research will be speaking on a panel about mobile banking and payments titled "Can Mobile Payments Be Used to Better Serve the Underbanked?"
- May 21-23, 2012 | Net.Finance 2012| Phoenix, AZ. Arjan Schütte, Senior Advisor, will be speaking at Net.Finance which includes topics of Mobile Banking/Payments, Analytics, Online Customer Experience, and Opportunities in Social Media.
- 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.
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