SERVING THE UNDERBANKED AND FRIDAY MILLENNIALS …
FRIDAY CONVENTION OPENING SESSION FRIDAY, JUNE 7TH
SERVING THE UNDERBANKED AND MILLENNIALS
Offering Payday Alternative Loans and Collaborating to Offer Better Mobile
Solutions
Dave Adams with Lisa Servon, Kevin Foster-Keddie and Sean King
Managing money has become very complex...
And yet, consumers, (especially millennials and the underbanked) perceive three needs for banking...
Traditional: ? Checking ? Debit/Credit ? ACH/Wire transfers
Pay Someone
Traditional: ? Credit card/Line of
Credit ? Overdraft Fees ? Mortgage & Secured
Loans
Need More Money
Protect the Nest
Egg
Traditional: ? Savings/CDs ? Mutual funds ? 401ks & IRAs ? Investment advisory partners
And yet, consumers, (especially millennials and the underbanked) perceive three needs for banking...
Traditional: ? Checking ? Debit/Credit ? ACH/Wire transfers
Traditional: ? Credit card/Line of
Credit ? Overdraft Fees/LOC ? Mortgage & Secured
Need More Money
Pay Someone
IMPORTANT ROLE OF FINANCIAL EDUCATION
Millennials and Financially Challenged: ? Payday loans ? Mobile/Online: Rocket Mortgage, Lending Club ? Research First/Retailer Financing, Amazon ? Secured Credit Cards, Big Issuer Reward Cards
Millennials and Financially Challenged: ? P2P (Venmo/Cash) ? Digital Wallets (Apple Pay, Android Pay, PayPal, etc.) ? Neo-banks/Challenger banks reloadable debit cards ? Retailer "rewards" cards/apps (Amazon, Starbucks, etc.
Protect the Nest
Egg
Traditional: ? Savings/CDs ? Mutual funds ? 401ks & IRAs ? Investment advisory partners
Millennials and Financially Challenged: ? Fractional Shares (Acorns/Robinhood) ? Investment companies with checking: Etrade, etc. ? Neo-banks and Challenger banks "round up" savings ? Sadly, more difficult for the financially challenged
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