CFSI Releases Study of H&R Block Initiative; Partnerships With Cities & Non-Profits Seek New Path To Underbanked Consumers.

CHICAGO -- The Center for Financial Services Innovation (CFSI) today released its study of H&R Block's ground-breaking strategy to better penetrate its existing LMI customer base, "Utilizing Partnerships to Test Emerging Market Strategies: A Case Study of H&R Block Initiatives in Five Cities," available at http://www.cfsinnovation.com/managed_documents/blockpaper.pdf.

Block built partnerships in five cities -- New York, Los Angeles, Miami, San Francisco and Tulsa -- sometimes directly with the city, sometimes in conjunction with local non-profit groups, to provide a broader array of services to a larger pool of customers than would have been possible otherwise. The study examines the initial phase of these ventures from business plan through negotiation to execution, and provides a framework for other companies seeking fresh methods to reach underbanked consumers. The Center chose to study the initiative because unconventional partnerships hold tremendous promise in acquiring and serving the underbanked across the financial services spectrum.

"Because underbanked consumers are a loyal and valuable customer base, we wanted to demonstrate our commitment to helping them keep and save more of their money," said Bernie Wilson, Block's Vice President of Outreach and Business Development. "We anticipate increased growth from these projects as they continue to develop."

San Francisco's Mayor, Gavin Newsom, commented, "This initiative demonstrates the success that can be achieved when business and government collaborate. Over 50% of eligible families benefited from San Francisco's Working Families Credit, and we found H&R Block to be a committed and responsive partner."

About CFSI:

The Center for Financial Services Innovation, an initiative of ShoreBank Advisory Services, was founded in 2004 with support from The Ford Foundation. Its mission is to facilitate efforts to offer underbanked consumers across the economic, geographic and cultural spectrum asset-building opportunities that create value for both customers and companies. It provides funding and resources, enables partnerships, and develops and distributes authoritative information on how to respond to the needs of the underbanked both profitably and responsibly. CFSI works with all the players in the field 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.