A month ago BB&T launched a prepaid account, a GPR program targeting the underbanked. It sports a $10 monthly fee (half that if you deposit $1k/mo) and free cash deposits from any branch or via the Visa ReadyLink Network. Several banks have approached Green Dot about managing GPR programs for them.…
Is Remote Deposit Capture the Killer App for Mobile?
I’ve been poo-pooing mobile payments for the underbanked for quite a while, much to the chagrin of everyone who believes in technology or has half a brain. And of course, it all does look so good: underbanked people, globally, actually own mobile phones, actually use them, and the phone could…
Is ACE the New ADP?
Jennifer Tescher’s column in the American Banker today (sorry, you need a subscription to read it…) reminded me, a) how pleased I am to be associated with her and CFSI, and b) of a theory that I’ve had for a while: that Ace Cash Express is starting to look more…
Under the Mattress
One of the things “mainstream” (as opposed to “alternative”) (and I use those quotes deliberately, because those labels should actually be reversed) financial services rarely consider is how much wealth is found underneath the mattress, especially amongst the un- and underbanked. This story, an estimate of how much is hidden…
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…
Depository-AFS Hybrids
Last week, unnoticed to most of the world, something noteworthy happened: a hybrid credit union and check-casher opened in East San Jose, CA. This is not without precedent (CheckSpring Bank opened a bank-like check cashing branch in the Bronx, Kinetka Federal Credit Union bought the Nix Check Cashing chain in…
Kroger
My CFSI colleague, Karen Andres, took this picture recently while on a date with her husband – to Krogers in Norwood, OH. This isn’t just proof that we at CFSI take the underbanked seriously. It’s also another compelling data point that retailers are the most exciting thing happening in financial…