Complete CFSI Underbanked Consumer Study Now Available.National segmentation study to transform underbanked strategies CHICAGO -- The Center for Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Innovation (CFSI CFSI Congressional Fire Services Institute CFSI Center for Financial Services Innovation CFSI Children's Film Society of India CFSI Comité Français de La Semoulerie Industrielle (French: French Committee of the Semolina Industry; Paris, France) ) is announcing today the availability of the complete CFSI Underbanked Consumer Study for purchase. Included will be the full study results and tailored business recommendations for serving the underbanked population from CFSI, the leading expert on the underbanked market. Since June 2008, CFSI has released limited results from the study, including a definitive number and description of the national underbanked population: 106 million U.S. adults - 40 million households - who are financially underserved, either lacking a bank account or regularly using non-traditional financial services to meet their financial needs. The CFSI Underbanked Consumer Study profiles eight distinct segments of the underbanked population. For example, the largest segment of the underbanked population is the Next Wave, representing approximately 23% of the underbanked--a total of 24 million consumers. The Next Wave is the youngest segment with 52% between ages 18-34. Because this group generally has no bank account but is highly entrepreneurial with a strong ambition for the future, CFSI suggests the following strategies for reaching the Next Wave: * Use transaction services to upsell into prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. cards.
* Offer links to small business services, financial advice and credit-building services. * Invest long-term, as this group has big plans for the future. * Lenders trying to reach this group should provide small dollar, revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. and need to calibrate To adjust or bring into balance. Scanners, CRTs and similar peripherals may require periodic adjustment. Unlike digital devices, the electronic components within these analog devices may change from their original specification. See color calibration and tweak. underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. to new/infrequent borrowers. "The CFSI Underbanked Consumer Study is a big leap forward in understanding these customers, and provides a crucial building block in constructing successful long-term relationships with them," says Jennifer Tescher, Director of CFSI. "Our experience working with national, regional and community level institutions has shown us that better customer information leads to better results." CFSI employs its wealth of industry knowledge and solid strategic advice to add depth and value to the results of this study, including specific recommendations for product development, risk management, and marketing and distribution strategies for each of the eight segments. In addition to strategic advice, cross-tabs analyzing financial behavior and attitudes for groups of underbanked consumers based on age, gender, household income, ethnicity ethnicity Vox populi Racial status–ie, African American, Asian, Caucasian, Hispanic , employment status, marital status marital status, n the legal standing of a person in regard to his or her marriage state. , banking status, behavioral behavioral pertaining to behavior. behavioral disorders see vice. behavioral seizure see psychomotor seizure. segmentation and analysis of the credit scores of different groups of underbanked consumers are available for purchase. The CFSI Underbanked Consumer study was co-sponsored by four companies, including Citi, H&R Block, and MasterCard. CFSI and these sponsors commissioned Experian Simmons to conduct a national segmentation analysis of underbanked consumers according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. their attitudes, behaviors, preferences, needs and experiences. The findings are a result of a survey of 2,799 underbanked respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. , representative of the U.S. adult population For more information or to purchase the complete CFSI Underbanked Consumer Study, please contact Rachel Schneider at segmentation@cfsinnovation.com or call (312)881-5816. To view the limited results already released from the CFSI Underbanked Consumer Study, visit our website. 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. |
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