Banking the Unbanked The Wells Fargo Approach
Banking the Unbanked
The Wells Fargo Approach
Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A.
March 18, 2009
The Unbanked ? Market Overview
According to Federal Reserve Statistics, 22% of low income US families are unbanked ? about 22 million people.
It is estimated that approximately 60% of Latinos are unbanked The unbanked purchase a variety of financial products, but not from
banks:
? Check Cashing Services ? Family Remittances ? Money Orders ? Payday Loans ? Bill Payments through Payment Agents ? Consumer Loans (through furniture stores and other outlets) ? Pawn Shops
2
Wells Fargo's Approach
? Strategies established by each market based upon the characteristics and needs of the community
? Corporate support through Diverse Growth Segments ? Tailor delivery of products and services in a culturally adequate
manner for the community being served (i.e. provide Spanish speaking customer service and product literature in areas with high Latino populations). ? Provide financial literacy programs: Hands On Banking ? Utilize remittance products as a tool to bring the customer into the store
3
Challenges in Banking the Unbanked
Lack of proper forms of identification ? markets with large undocumented worker populations may face this issue. Wells Fargo and many banks now accept "Matricula Consular" cards as ID.
Unbanked consumer may feel intimidated about coming into a bank setting
Lack of Credit History Previously banked consumers may have poor account histories
preventing them from re-establishing a bank account
4
Tools for Reaching the Unbanked
Profiling at the Teller Line Membership Banking Rallies Financial Literacy Programs: Hands On Banking Community Development ? Partnerships with local Non-Profit
Organizations
5
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- banking the unbanked the wells fargo approach
- business line of credit application pdf
- wells fargo team member handbook
- state of small business lending
- im important legal materials 0123456789
- the road to rebuilding trust
- 1 michael n feuer city attorney sbn 111529 no fee cal g
- good morning i am paul hazen chairman of wells fargo i
- patti s pitas llc et al v wells fargo merchant services
Related searches
- wells fargo online banking business
- wells fargo personal banking log on
- wells fargo online banking statements
- wells fargo banking small business
- wells fargo bank banking online personal
- wells fargo banking personal account
- wells fargo business banking online
- wells fargo online banking sign on
- online banking wells fargo bank
- wells fargo online banking account sign on
- banking checking accounts wells fargo bank
- wells fargo banking online checking