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Friday, June 15, 2012

7:30 AM - 8:30 AM
Track: Roundtable Café View Track

TWO NEW INNOVATIVE APPROACHES TO HELP UNBANKED INDIVIDUALS CONNECT TO BANKING IN MEANINGFUL AND PRODUCTIVE WAYS (COMPASS PRINCIPLE: BUILD TRUST)

I-Hsing Sun, NYC DEPARTMENT OF CONSUMER AFFAIRS OFFICE OF FINANCIAL EMPOWERMENT

Empowerment has been actively exploring when and how to connect people to banking, often strategically integrating financial education. One pilot is through a private sector partnership with H&R Block that tests how product features may influence how people use pre-paid cards.

Secondarily, the pilot will study how a subset of participants who receive additional financial education fare. The second pilot is in collaboration with CFED and will study how access to banking and direct deposit initiatives, coupled with financial education, affects New York City’s largest transitional workforce program. This may inform how these systems can be reconfigured to channel thousands of unbanked New Yorkers into quality banking services.

Both pilots are consistent with Compass Principle Two, and where smart products were designed and chosen to fit the needs of the target audience AND consider long-term sustainability for the financial institution. The roundtable session will focus on providing an overview of the programs, including the logic behind the education sessions, important features of the financial services, and implementation successes and challenges.

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