Walking in Shoes of America's Underbanked

November 15, 2011

Bankers are gathering in Chicago today for a chance to walk in the shoes of unbanked and financially underserved Americans.

It's part of the program for the Seventh Annual Underbanked Solutions Exchange, presented today by the Center for Financial Services Innovation (CFSI). The event includes a hands-on learning exercise that sends participating bankers and credit union executives into the marketplace to cash checks, purchase prepaid cards and purchase other services commonly used by the unbanked.

"This exercise is especially well-timed, as this is a particularly important moment for banks and credit unions to contemplate how they can maximize the value of the products they offer to all their customers," said CFSI's Karen Andres. "Our goal is to provoke discussion about these models, prompting participants to think about ways in which their organization can contribute to a future where financial services are a force for good in people's lives."

CFSI, headquartered in Chicago, is a leading authority on financial services for unbanked and underbanked consumers. It provides research, consulting and a yearly conference on the underserved market. Today's event also includes workshops on applied behavioral economics and the development and application of strategies targeting the unbanked.

Financial institutions participating in the Seventh Annual Underbanked Solutions Exchange include:

• Comerica Bank
• Dollar Bank
• ESL Federal Credit Union
• First Interstate Bank
• Guaranty Bank
• Self Help Credit Union
• Urban Partnership Bank

Americans borrow about $40 billion a year from payday lenders

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