CFSI Launches New Networking Forum - The Underbanked Solutions Exchange.

The initiative brings together mid-sized banks, credit unions, and vendors focusing on the underbanked for knowledge sharing and relationship building

CHICAGO -- The Center for Financial Services Innovation announced today the first meeting of its inaugural Underbanked Solutions Exchange meeting -- a network of mid-sized banks and credit unions committed to serving the underbanked consumer.

The Exchange was initiated to create the opportunity for mid-sized banks and credit unions to engage in extensive knowledge-sharing with peer institutions, learn the latest best practices, and build relationships with pioneering service providers. Through this collaborative network, financial institutions access the tools and connections needed to develop and expand a portfolio of products and services to implement viable underbanked solutions.

"Because of their proximity to the consumer, mid-size banks and credit unions have a unique opportunity to serve the underbanked," said Kimberly Gartner, CFSI Associate Director. "Through this new initiative, these financial institutions will have access to the appropriate strategies, network, tools, and infrastructure to truly capitalize on the underbanked market."

Banks and credit unions participating in this inaugural event include Carver Federal Savings Bank, Kinecta Federal Credit Union, Old National Bank, San Antonio National Bank, and ShoreBank. Luz Urrutia, President and CEO of El Banco de Nuestra Comunidad and George Hodges, President of Hispanic Consumer Insights, will be special guest speakers.

"Carver Federal Savings Bank is really interested in focusing on the underbanked, as we feel it is a large customer base we can attract, especially in New York City, given our community presence," said Blondel Pinnock, Senior Vice President and President of Carver Community Development Corporation. "From the Underbanked Solutions Exchange, we expect to gather ideas and best practices from other institutions to create viable products and solutions and develop strategies and tools to market to the underbanked community."

"Kinecta Federal Credit Union looks forward to sharing our strategies for success in the underbanked market with CFSI participants, as well as gaining insight into other approaches," said Randy Dotemoto, Chief Strategy Officer for Kinecta Federal Credit Union. "Our goal of effectively achieving viable financial solutions requires innovative thinking, collaboration and decisive action. By differentiating ourselves we open the door to better serve consumers traditionally left out of mainstream financial services."

"Old National Bank's commitment is to impact lives and strengthen communities, and we believe that meeting the needs of the underbanked is essential to fulfilling that commitment," stated Bob Jones, President and CEO of Old National Bank. "We have taken the lead in developing the Bank on Evansville program in our headquarters community, and we are eager to create additional products and pathways to financial stability for the unbanked and underbanked throughout our footprint. Our participation in the CFSI Underbanked Solutions Exchange will better equip us to enhance our efforts and allow us to share what we've learned along the way."

"San Antonio National Bank is very excited about being a part of the CFSI Underbanked Solutions Exchange Network," says RoseAnn Julson, EVP Corporate Marketing and Communications. "SANB is a fairly new bank whose founders believed in servicing the underbanked market in South Texas. Currently, we consider ourselves to be in the research/pilot phase of our underbanked initiative, so we see great value in networking with other financial institutions who are dedicated to the underbanked market as well as vendors who can enable us to execute proven strategies."

"ShoreBank joined the Underbanked Solutions Exchange because we believe it will help our emerging underbanked consumer strategy succeed," commented Jean Pogge, EVP, Consumer and Community Banking, ShoreBank. "While we are able to provide many financial services to the underbanked, we see a strong opportunity to develop and nurture more robust relationships by designing innovative products and services that fulfill their specific banking needs. The Exchange provides us access to successes, studied strategies and lessons learned in meeting the underbanked consumer's needs."

Participating banks attend twice-yearly meetings and webinars, designed to provide learning opportunities from case studies, give real-world, tested options, and actively engage thinking on how to use existing enterprise strategies to attract, maintain and transform the underbanked market. Each company designates one to two senior executives as its representatives to increase internal understanding and support for underbanked initiatives.

At each Exchange meeting, participants explore a specific topic in great depth to facilitate deep discussion and advanced strategy development. This meeting will focus on self-service market opportunities. Vendors presenting on self-service products and strategies include Monitise, Nexxo Financial Corporation, Ready Credit Corporation, Swipe USA, and TIO Networks.

For more information about the Underbanked Solutions Exchange or CFSI, please contact Karen Biddle Andres at [e-mail] or visit http://www.cfsinnovation.com.

About CFSI:

The Center for Financial Services Innovation, a non-profit affiliate of ShoreBank Corporation, facilitates financial services industry efforts to serve underbanked consumers across the economic, geographic and cultural spectrum. It provides funding and resources, enables partnerships, and identifies, develops and distributes authoritative information on how to respond to the needs of the underbanked profitably and responsibly. CFSI works with banks, credit unions, technology vendors, alternative service providers, consumer advocates and policy makers to forge pioneering relationships, products and strategies that will transform industry practice and the lives of underbanked consumers. For more on CFSI, go to www.cfsinnovation.com.