The Washington Post ran an interesting story on some trends in consumer credit scores. Basically, there are more people with low scores and more with high scores. Those with 800+ FICO scores are presumed to have gotten their debt into shape. Those with 599 and below now represent 43 million…
Underbanked Distribution Channels
It amazes me how many business plans we get that basically ignore a distribution strategy. It’s probably more amazing what obvious omissions most business plans suffer in general, but in our space – underbanked financial services – distribution is quite common. It is not ok to merely make reference to…
The Omnibanked Dilemna
I finished reading Michael Pollan’s the Omnivore’s Dilemna recently. Given that it’s all about food, it was surprisingly thought provoking on its implications on serving the un- and underbanked. Even without a mention of prepaid cards, payday loans or second-chance checking accounts. It’s about the challenges – and importance –…
More pleasure, better business
Financial services are a drag. Paying bills sucks. Sorting through the best products is no fun, given how many there are and their considerable complexity. A mortgage? Forget it. Why is it that people can’t figure out how to make financial services interactions more fun? Doing so needn’t be a…
Where is Apple?
Fast Company’s cover this month provokes a story about, “the Apple of [name your industry].” Like any dutiful reader, I’ve been asking the question about my industry: what company delights its customers in the consumer finance industry? Who is the Apple for the un- and underbanked? I divide the industry…
Wabi Sabi, Wesabe
One of the Personal Financial Management (PFM) favorites, Wesabe, is shutting its doors. CEO Marc Hedlund wrote a doleful note to his users today. Understandably in denial of shuttering his business, he euphemistically referred to the “discontinuing the Account Tab,” instead. After five years and $4.7 million, all raised in…
In the Future…Delivering Wow!
This is part of a series of posts inspired by CFSI’s Underbanked Financial Services Forum. At the conference, attendees were asked to complete the sentence, “in the future, the underbanked marketplace will…” on a square button. By special guest, Ailian Gan If you heard the oohs and ahhs from the…
Bank Off, Bank On!
My CFSI colleague, Karen Andres, sent an email this morning about her local Detroit radio show, Drew and Mike in the Morning, on WRIF. “This is no NPR – beyond bawdy humor, uncomfortably hilarious interviews with innocent people, and hard rock. Controversial – this ain’t your mama’s radio station,” Karen…
In the Future… Transparency Rules
This is part of a series of posts inspired by CFSI’s Underbanked Financial Services Forum. At the conference, attendees were asked to complete the sentence, “in the future, the underbanked marketplace will…” on a square button. Clearly transparency in financial products is paramount, today and moving forward. And not just…
In the future… leaving for inspiration
This is part of a series of posts inspired by CFSI’s Underbanked Financial Services Forum. At the conference, attendees were asked to complete the sentence, “in the future, the underbanked marketplace will…” on a square button. By special guest, Ailian Gan If you are a relative newcomer to the financial…