The Center for Financial Services Innovation met with senior financial executives in Miami on Tuesday for the 10th Underbanked Solutions Exchange, which provides financial institutions with knowledge on supporting and serving underbanked, new and emerging customers.
Program participants included Banesco USA, Centris Federal Credit Union, Comerica Bank, Dollar Bank, ESL Federal Credit Union, Guaranty Bank, Hudson Valley Federal Credit Union, Kinecta Federal Credit Union, MB Financial Bank, Redstone Federal Credit Union, Self-Help Federal Credit Union, Sunrise Banks, Urban Partnership Bank and Vancity Credit Union.
Exchange participants visited Boom Financial, the first mobile banking service to eliminate the need for traditional cash wire-transfer services. Boom members are able to make low-cost, secure domestic and international money transfers through text message, as well as make purchases and withdrawals at more than 100,000 ATMs and thousands of participating merchants.
Additionally, participants were invited to share updates on their own efforts in the underserved market, discuss other solutions introduced nationwide and explore recent regulatory changes.
Participants were also offered a chance to see CFSI’s research on small-dollar credit, which highlights the needs and circumstances of small-dollar credit customers. Kinecta Senior Vice President Randy Dotemoto presented the institution’s efforts to meet customers’ small-dollar credit needs through product design.
Sponsors of the event included Meta Payment Systems and New Market Partners.