News Topic: underbanked

Big data is a key for banks to better understand what financial products underbanked consumers and small businesses need. ... Read full article

We asked microfinance organizations around the country about the challenges they face, what they wish banks would do differently, and even what they are reading. Here are some of their responses. ... Read full article

Kosta Peric, deputy director of digital payments and financial services for the poor at the Gates Foundation, discusses his efforts to expand access to low-cost financial services in developing countries. ... Read full article

The marketplace for services to help struggling families balance their short-term and long-term financial needs is improving, but is still insufficient. ... Read full article

Income volatility is a persistent problem for millions of U.S. households. Banks and fintech companies are trying to help consumers cope — but the industry can do more. ... Read full article

Digit's decision to charge a monthly fee for its savings help speaks to the challenge of making fintech profitable. ... Read full article

Banks can make a difference by helping to alleviate customers’ individual financial stress, the cancerlike scourge behind thousands of suicides. But this requires a certain mindset about the industry’s mission. ... Read full article

Google Play and CSFI aim to improve use of financial health apps through a storefront organized by consumers' needs and by publishing a guide for app developers. ... Read full article

The Ollo card has the backing of former Citi CEO Vikram Pandit and several other big names in finance. ... Read full article

The underbanked rely on mobile access more than online or in-person contact. Therefore, the U.S. must follow developing countries’ leads and let consumers sign up for mobile-only accounts. ... Read full article

President Trump’s proposed cuts to programs providing credit options for low-income and underserved communities would have a particularly negative effect in states that voted for him. ... Read full article

Devon Bank in Chicago has a long history serving immigrant groups in one of the nation's most diverse neighborhoods. Right now, its clients are worried about President Trump's actions on immigration and deportation. ... Read full article

When one considers the available data on bank lending, there is a lot more to the story. The solid loan growth at commercial banks in recent years has been concentrated in some of the sectors that appear least in need of credit. ... Read full article

State Bank of Texas, which bought the failed Seaway Bank in January, is selling nine branches to Self-Help Credit Union. ... Read full article

By relying heavily on where a borrower went to college, online lenders may run afoul with regulators and could be missing out on good credits. ... Read full article

Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults. ... Read full article

Quona Capital Management raised $141 million for the Accion Frontier Inclusion Fund, which will invest in companies that provide financial and other services to underserved customers in emerging markets. ... Read full article

The retailer is set to announce Tuesday that it is updating its app to allow its customers to input money transfer information electronically rather than having to fill out paperwork in the store. ... Read full article