Magazine article American Banker

A BAI Conference Guide to Serving Underbanked

Magazine article American Banker

A BAI Conference Guide to Serving Underbanked

Article excerpt

Exhibit Hall

As more eyes turn to underserved markets for fresh prospects and organic growth, the subject of converting underbanked consumers into profitable customers has begun appearing in one way or another on more conference agendas.

This year BAI Retail Delivery, the largest retail banking conference in the country, is showcasing a wide variety of material relevant to anyone looking to improve their performance in this market. If you are attending next month's conference in Orlando, consider this column your guide to the must-see sessions and vendors for preparing a winning strategy for underbanked development.

Monday, Nov. 14

BAI Payments Forum, particularly "New Payment Forms: Handicapping the Contenders." Some of the most important innovations, underbanked and otherwise, are occurring in the payments space, including stored-value cards and micropayments.

Tuesday, Nov. 15

"Growing Customers and Profitability: How to Target and Acquire Underbanked Customers." Community bank and credit union leaders will describe their strategies for acquiring underbanked customers, ranging from second-chance accounts to stored-value cards and tax-preparation services. My organization, the ShoreBank-affiliated Center for Financial Services Innovation, will offer an overview of the segment and recommendations for strategy development.

"Using the Workplace as a Retail Banking Channel." JPMorgan Chase will discuss its payroll card program as a strategy for profitably serving underbanked customers. My group will discuss new developments that make the workplace a valuable channel for delivering a range of financial products and services.

Wednesday, Nov. 16

"The New Competitors." Nontraditional financial services companies recognize and are seizing the opportunity to capture underbanked market share. H&R Block's CEO will describe efforts to expand the services it offers to the underbanked, which make up a large percentage of Block's overall customer base.

"A Payments Wake-Up Call." Panelists will translate the trends in payments and offer suggestions for how retail bankers can leverage them.

General session with Richard Carrion. Banco Popular's chairman and CEO will describe its efforts to carve a niche serving Latinos, from the newly arrived to the well established.

Thursday, Nov. 17

General session with Renee Mauborgne. In "Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant," Ms. Mauborgne, one of the co-authors, argues that companies should seek untapped markets with profitable growth potential and reengineer the traditional value proposition to meet their needs. The financial services companies with the greatest success in serving the underbanked are doing just that. …

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