Industry Leader Offers Next Steps for Financial Services
Fresh Ideas and Approaches Emerge from CFSI’s 8th Annual Conference
The Center for Financial Services Innovation (CFSI) convened industry executives, regulators, and entrepreneurs to identify trends in the financial services market and explore budding shifts in the financial services industry. Speakers from institutions like Bank of America, H&R Block, MasterCard Worldwide, NetSpend, and TSYS offered insights into emerging consumer financial services. Other product providers, including American Express, Experian, HelloWallet, Neo Finance, Open Coin, and Piggymojo, also joined the conversation.
Based on themes heard throughout three days of sessions, Jennifer Tescher, President & CEO, CFSI, extended a challenge for speakers and attendees to take advantage of new technology and unprecedented opportunities for cross-sector collaboration to create new business models that place the consumer at their core. “We are witnessing the first signs of a sea change today,” continued Tescher. “Established providers and startups alike are beginning to adjust their work to pair profitability with consumer success. These are the business models of the future.”
This refreshed prioritization of consumer engagement results from a variety of trends in the marketplace. Financial technology has expanded consumers’ access to a wide variety of financial products and services. Alternative data has the potential to responsibly increase access for underserved consumers to high-quality, affordable credit products. Innovative business models are redefining the consumer-banking relationship, empowering consumers to take control of their financial lives, and promoting greater engagement with financial offerings.
“The underbanked market has gone mainstream. This means big changes for the financial services industry,” said Tescher. “We, as an industry, have a responsibility to move beyond simply making financial services accessible and instead focus on fostering the successful uptake and healthy usage of high-quality products.”
Tescher concluded the annual Forum by revealing a new name for CFSI’s conference, Emerge: The Forum on Consumer Financial Services Innovation. The new title reflects CFSI’s understanding of the changing landscape of the financial services market. Through Emerge: The Forum on Consumer Financial Services Innovation, CFSI and its producing partner SourceMedia, the publisher of American Banker, will continue to offer the country’s premier event for learning from and connecting with bank and credit union executives, technology entrepreneurs, retailers, investors, regulators, nonprofit providers, and consumer advocates transforming the financial services landscape.
The Center for Financial Services Innovation (CFSI) is the nation’s leading authority on financial services for underserved consumers. Through insights gained by producing original research; promoting cross-sector collaboration; advising organizations and companies by offering specialized consulting services; shaping public policy; and investing in nonprofit organizations and start-ups, CFSI delivers a deeply interconnected suite of services benefiting underserved consumers. Since 2004, CFSI has worked with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com and join the conversation on Twitter at @CFSInnovation.
Kathleen Smith Shelton
Sr. Associate, Marketing Communications