Traditional services used by the underbanked include check cashing, cash advance loans, and money transfers. Many view these services as overly expensive and behind the times, and an emerging ecosystem is leveraging fintech innovation to provide improved offerings. However, there’s a strong case made by industry researchers that the traditional, non-bank financial providers remain attractive to their customers, especially compared to the costs of a using a bank account. Local credit unions and CDFIs refute this and point to their own initiatives to serve and educate more people. Meanwhile, regulators continue to tighten controls on traditional short-term cash lenders, as well as on fintech innovators.
Come learn about and discuss the future of services for the under-banked, where tradition, innovation and regulation intersect.
BNP Paribas Client Center, 9th floor
787 7th Ave (between 51st and 52nd St.)
New York, NY 10019
Microfinance Club of New York is a 501(c)(3) nonprofit organization. New York, N.Y.