CFSICFSI

Publications  |  Research Papers

From Financial Education to Financial Capability: Opportunities for Innovation

As the economy rebounds, one solution for financial success lies in consumers ability to take responsibility for their finances through behavior changes as well as increased financial knowledge.  CFSI proposes, in a new research paper from CFSI sponsored by the Citi Foundation, ...

Posted: March 2010

Employer-Based Collaboration: Lessons from Financially Fit Minnesota

by Sarah Berke, Rachel Schneider

The Financially Fit Minnesota (FFM) program is a model in which employers offer a set of strategies for increasing financial services participation in the workplace. Specifically, the program concentrates on increasing participation in direct deposit and retirement savings programs, with participating employers ...

22 pp.   
Posted: September 2009

Turning Today’s Economic Inflection Point into Tomorrow’s Savings Behavior

by Christina Hachikian

In today’s economic climate, the importance of saving has become of critical value. Financial services organizations, such as CFSI, are taking this opportunity to encourage new savings programs that would allow un- and underbanked consumers to utilize accounts which are both low-cost ...

25 pp.   
Posted: September 2009

Highlights from the 4th Annual Underbanked Financial Services Forum

The Underbanked Financial Services Forum has become a bellwether for the industry serving the underbanked. Judging by this year’s Fourth Annual Forum, presented by SourceMedia with the Center for Financial Services Innovation (CFSI), the industry is strong. Despite challenging times for the ...

21 pp.   
Posted: August 2009

One Size Does Not Fit All: A Comparison of Monthly Financial Services Spending

by Rachel Schneider

The Center for Financial Services Innovation (CFSI) has conducted an investigation into the amounts that prepaid cardholders spend each month to conduct essential financial transactions, and compared that to the amounts that they would spend if they remained underbanked or used checking ...

Posted: June 2009

A Tool for Getting by or Getting Ahead? Consumers’ Views on Prepaid Cards

by Sarah Gordon, Jennifer Romich, Eric Waithaka

Over the past decade, financial services companies have offered an increasing number of options to households who do not hold or regularly use conventional checking and savings accounts. Some options come from mainstream banks and companies, while others come from “fringe” financial ...

Posted: April 2009

Results of the NBPCA/CFSI Survey:

Network Branded Prepaid Card Association and CFSI release new data on prepaid card usage and underbanked consumers.  The data delivers results from a survey of 400 underbanked prepaid card users and offers information on consumer satisfaction levels, card usage, rankings of ...

Posted: April 2009

First Encounters Research Description

Corey Stone, CFSI Fellow, will be heading the special research project, "Time to Focus on First Encounters." This research effort will take an in-depth look at first interactions between financial institutions and young people and will spotlight innovative institutions providing products/solutions for ...

Posted: April 2009

PERC RESEARCH-Fully Reporting Nonfinancial Payment Data: Impact on Customer Payment Behavior and Furnisher Costs and Benefits

CFSI is proud to have partnered with PERC on their latest research report, “Fully Reporting Nonfinancial Payment Data: Impact on Customer Payment Behavior and Furnisher Costs and Benefits.” The report surveyed 70 telecommunications and utilities companies and over 1,000 consumers. Key ...

Posted: April 2009

The Industry Forecast for Prepaid Cards, 2009

by Rachel Schneider

More than one-third of the 40 million underbanked individuals in the United States would rather use a prepaid card than a checking account for basic financial transactions if costs were equal. Underbanked consumers say they appreciate the convenience, transparency, and privacy of ...

Posted: March 2009

CFSI and Asset Funders Network - Financial Services and Asset-Building Brief

Millions of lower-income consumers lack access to high-quality financial products and services that simultaneously meet their short-term needs and prepare them for long-term financial success. Dramatic changes in technology, demography and the structure of the financial services industry provide new ...

Posted: December 2008

Preferences and Usage of Financial Services Providers inBrief

by Michael J. Herrmann

The CFSI inBrief, “Preferences and Usage of Financial Services Providers,” is the newest and latest data released from the CFSI Underbanked Consumer Study. This inBrief takes a deeper look at how consumer usage of financial services providers measures up to their preferences. ...

Posted: November 2008

Highlights from the 3rd Annual Underbanked Financial Services Forum

by Sarah Berke, Alejandra Lopez-Fernandini, and Michaeal J. Herrmann

Having recognized the great opportunity underbanked consumers represent for financial services, participants at the Third Annual Underbanked Financial Services Forum turned their attention to better understanding this potential market. The forum, presented by SourceMedia in conjunction with the Center for Financial Services ...

18 pp.   
Posted: October 2008

Prepaid Cards vs. Checking Accounts inBrief

by Michael J. Herrmann

Inform your underbanked strategy with the Prepaid Cards vs. Checking Accounts inBrief and take advantage of this newly released segmentation data.  Do you want to bring more underbanked consumers into deeper financial relationships with your institution/organization? Then, you should read this inBrief ...

Posted: September 2008

Insurance and Asset-Building for the Underbanked: A Convening Summary

by Amy Brown

In August 2008, CFSI, the Federal Reserve Bank of Chicago, and the Annie E. Casey Foundation co-sponsored an insurance convening summary.  This summary outlines issues, research, and innovations around serving the insurance needs of underbanked consumers and offers next steps in reaching ...

7 pp.   
Posted: September 2008

Nonprofit Innovations for the Underbanked: Trends and Developments

by Shaw-Lin Chaw, Sarah Gordon, and Michael J. Herrmann

An increasing number of nonprofit organizations have entered the underbanked market as facilitators or service providers, resulting in a broader array of affordable and well-designed products and services that provide asset-building opportunities for underbanked consumers.  Nonprofit organizations are innovating in ways that ...

16 pp.   
Posted: September 2008

A Fundamental Need: Small-Dollar, Short-Term Credit

by Michael J. Herrmann and Jennifer Tescher

A dramatic series of events related to small-dollar value, short-term credit has unfolded over the last 18 months. Legislators, regulators, and the financial services industry have been closely scrutinizing the payday loan industry and creating market incentives for private-sector innovation. As a ...

23 pp.   
Posted: July 2008

The CFSI Underbanked Consumer Study Fact Sheet

The purpose of the study was to conduct a segmentation analysis of underbanked and unbanked consumers based on attitudes, behaviors and experiences relative to both formal and informal financial services, products, and institutions.  Four industry leaders co-sponsored the study with CFSI: ...

Posted: June 2008

Lessons from South Africa: Innovations and Opportunities in Underbanked Services

by Jennifer Tescher and Rachel Schneider

Financial services professionals in the United States can learn a lot from South Africa. The country has a sophisticated financial services industry, with well-developed capital markets and established companies offering a wide range of personal finance products. However, South Africa also has ...

24 pp.   
Posted: April 2008

Innovation Trends in Financial Services to the Underbanked

by Michael J. Herrmann, Arjan Schütte, and Rachel Schneider
Significant discussion about underbanked consumers and the market opportunity they represent has occurred over the past several years. To meet this market opportunity, a number of startup companies have materialized with innovative products and services. CFSI has evaluated some of these ...
16 pp.   
Posted: March 4, 2008

Nonprofit Distribution of Prepaid Cards

by Michael J. Herrmann and Rachel Schneider
This report explores experimentation in nonprofit distribution and marketing of prepaid debit cards to underbanked consumers. We focus on three community organizations to discover the potential role for such groups in distributing financial services.
 
Community organizations play a critical role in the lives ...
17 pp.   
Posted: March 4, 2008

The Predictive Value of Alternative Credit Scores

by Rachel Schneider, Arjan Schütte

As many as 70 million adults in the United States have no credit score or a limited credit history with the traditional credit bureaus. These consumers represent an important opportunity for lenders to access a new market. But without the development and application ...

18 pp.   
Posted: November 26, 2007