Today, like so many other days, I received at a call from a new company which believes to be the only one to stumble on the idea of using general purpose prepaid cards to help the underbanked live better lives.
Ok, we generally agree.  And today, like most other days, the company focuses overwhelmingly on the product: processor X, issuer Y, network Z, and on a good day, some cool features.  “How will you market this card,” I ask.  Most companies don’t have a good answer.  Why?

Is it because most product companies in any customer category don’t?  Perhaps.  Is it because most people know relatively less than they think about the underbanked?  Possibly.  Where is the marketing innovation?

I happen to believe that the most exciting channel is on the internet.  Millions of underbanked are there, signing up for prepaid cards all day long.  It seems like rather than your average retail channel, the internet allows for the potential of creating a long-term relationship.  It’s much harder to translate a SKU on a J-hook into a relationship than it is from an educational, interactive experience online.