The U.S. financial services industry faces several challenges, from increasing regulation to a fragmented marketplace where millions don’t have what they need to manage their money in the short term while building assets for the future. To help the industry take the lead in addressing these challenges, the Center for Financial Services Innovation, in partnership with a cross-section of industry participants, created the Compass Principles.
Center for Financial Services Innovation (CFSI)
The nation’s leading authority on financial services for underbanked consumers. CFSI’s programs are based on the belief that addressing the needs of underbanked consumers as a market will deliver broad, long-term change throughout the financial services landscape by creating mutual benefit for both the underbanked and the companies serving them.
Forum Discussion: The Next Frontier? Social Media and the Underbanked Borrower with Gary Kremen
Is social media an effective tool to gain new consumer insights, improve underwriting, and indicator of the likelihood of repayment in the underbanked space? Explore the answers to these questions along with the latest consumer research on the use of social media by underbanked consumers (hint: its high!). Also discuss the legal and ethical challenges in using social media for credit decision making.
Online Lenders Alliance’s Consumer Tips
Tips provided by the Online Lenders Alliance as part of their ongoing mission to educate consumers about short-term, small-dollar loans to ensure that consumers are well-informed before taking out a short-term loan.