Topic
The Pursuit of the Underbanked
Underbanked consumers remain a coveted market — one that is poised to expand in the recession. Wal-Mart and H&R Block have signed up millions of these people for their prepaid cards. Meanwhile, some bankers are encouraging their brethren to enter the remittance market, despite the global slowdown in money transfers. Following is a selection of recent coverage of key developments.
A West Virginia Bank Finds a Way to Tap D.C.'s Unbanked
American Banker | Dec 23United Bankshares in Charleston and local organizations in the Washington area figured out that cooperating on a bike program could improve big-city commutes, recruit new customers and help the unbanked.
m-Via Launches Mobile Payments for Immigrant Workers
American Banker | Nov 15"Our goal is to kill the Western Union MoneyGram cash services model," says Bill Barhydt, CEO of m-Via, which has built a mobile money payment network throughout the U.S. and Mexico targetting customers of the money transfer service.
Banks Begin Rolling Out Services for the Poor
American Banker | Nov 10Some banks are starting to notice the poor customers they have long ignored. Regions is one of several banks expanding the "alternative" financial services that have long been offered by Wal-Mart and other non-banks.
Regulatory Reform
Teaching New Customers Old Tricks
US Banker | Nov 01Gauging his market, Bob Jones, the CEO of United Bank, found an innovative use for an obsolescing product.
Wells Fargo Expands Remittances, Eyes East Coast Money-Transfer Customers
American Banker | Oct 11Through a deal with money-transfer company UniTeller, Wells Fargo is expanding its remittance network by adding access points in Latin America and Asia.
Visa Hires Mobile Exec to Reach Unbanked
American Banker | Oct 05Visa Inc. has hired Gavin Krugel to work on its global mobile team, in an effort to reach unbanked consumers in developing economies.
New CIO Logs On at Think Finance
American Banker | Sep 26Think Finance has hired William A. Kontgis as chief information officer to help develop products for the unbanked.
For Banks, Little Progress on Loans to the Unbanked
American Banker | Sep 22Regulators have longed encouraged banks to make small-dollar loans to people who otherwise lack access to credit. But testimony before Congress makes clear that their efforts are faltering.
Underbanked Lender Community Choice Files for IPO
American Banker | Aug 23An Ohio storefront alternative lender has filed for a $230 million initial public offering, as traditional banks maintain a tight-fisted approach to consumer lending.
Durbin's Unintended Consequence for the Underbanked
American Banker | Jul 26In attempting to prevent abuses of the interchange cap exemption for reloadable prepaid cards, the Fed may have inadvertently scuttled an opportunity for banks to serve low-balance account holders.
Survey
Facebook's securities filings show its Facebook Credits digital currency business is exploding. Does it pose a serious threat to banks?
