CFSICFSI

Topics  |  Products and Services

Such as prepaid cards, remittances, insurance, and check cashing.

Prepaid Cards Fact Sheet

Posted: June 2007

Remittances Fact Sheet

Posted: June 2007

Research Papers

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

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

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

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

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 Insurance Industry and the Underbanked

by Rachel Schneider and Kimberly Gartner

Insurance plays a critical role in asset building. Not only does it provide protection against financial losses caused by death or disasters but it can also help build net worth and protect or transfer wealth. Yet many people, particularly those with low ...

22 pp.   
Posted: March 2007

Card-Based Remittances: A Closer Look at Supply and Demand

by Manuel Orozco, Katy Jacob and Jennifer Tescher

The phenomenon of international remittances is rapidly transforming the financial landscape. This report analyzes a nationwide study of Latin American and Caribbean migrant remittance senders and their access as well as use of card products. The results show that significant gaps exist ...

31 pp.   
Posted: February 2007

Cardholder Use of General Spending Prepaid Cards: A Closer Look at the Market

by Sherrie Rhine, Katy Jacob, Yazmin Osaki and Jennifer Tescher

Branded reloadable general spending cards are gaining traction with consumer groups making the prepaid card market one of the fastest changing segments of the financial services industry. The recent entry of general spending card providers to the marketplace and the proprietary nature ...

22 pp.   
Posted: February 2007

Distributing Prepaid Cards Through Worker Centers: A Gateway to Asset Building for Low-Income Households

by Katy Jacob, Janice Fine and Lauren Leimbach
A collaborative pilot program between the Center for Community Change and the Center for Financial Resources has been established to engage worker centers as a primary point-of-access to pre-paid cards for immigrant workers. The model is based on a recent survey of ...
Posted: October 31, 2006

Press Releases

Network Branded Prepaid Card Association and The Center for Financial Services Innovation Release New Data on Prepaid Card Usage and Underbanked Consumers

The Network Branded Prepaid Card Association (NBPCA), a nonprofit, inter-industry trade association created to advance the success of branded prepaid cards, (cards usable wherever American Express, Discover, MasterCard or Visa cards are accepted), and the Center for Financial Services Innovation, the nation’s ...

Posted: April 2009

Latest News from CFSI

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