SAN JOSE, Calif. (6/6/13)--Credit unions were among the financial institutions that participated in the Center for Financial Services Innovation's (CFSI) 10th Underbanked Solutions Exchange.
The group gathered in Miami, which the Federal Deposit Insurance Corp. recently reported as the most unbanked city in the U.S. Senior executives from the participating institutions examined strategies to engage and transform the underserved market.
"The Underbanked Solutions Exchange is a one-of-a-kind program designed to offer these financial services providers the opportunity to acquire knowledge about emerging consumers in the U.S. and to learn from each other about winning strategies and solutions to profitably serve these customers," said Karen Andres, CFSI director of networks, advisory services.
Participants will get a first-hand look at the value of consumer-focused marketing and financial technology during a site visit to one of the newest locations of Boom Financial. Boom mobile banking service is the first to completely eliminate the need for traditional cash wire-transfer services.
Boom members use their mobile phones to make low-cost, bank-grade domestic and international money transfers through text messages. Members can also make purchases and withdrawals at thousands of participating Boom merchants and at more than 100,000 Boom ATMs. The visit will highlight the partnership between Boom and Self-Help FCU, Durham, N.C., an exchange participant and the financial institution issuing Boom's prepaid card.
The exchange will also provide participants with time to share updates on their current efforts in the underserved market, examine other financial solutions being introduced by innovators nationwide, and explore recent changes in the regulatory environment.
The exchange will feature a discussion on small-dollar credit. Participants will be offered a special preview of CFSI's upcoming qualitative research on several forms of small-dollar credit, which illuminates the complexity of the needs and circumstances of small-dollar credit customers.
Randy Dotemoto, senior vice president, Kinecta FCU, Manhattan Beach, Calif., and president, Kinecta Alternative Financial Solutions, will underscore this discussion by presenting Kinecta's efforts to effectively address members small-dollar credit needs through innovative product design.
Other credit unions participating in the exchange include:
- Centris FCU, Omaha, Neb.;
- ESL FCU, Rochester, N.Y.;
- Redstone FCU, Huntsville, Ala.;
- Hudson Valley FCU, Poughkeepsie, N.Y.; and
- Vancity CU, Vancouver, B.C., Canada.