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About 35 million Americans are considered underbanked. According to a Javelin study, this group has higher income and potential interest in traditional banking than you might think.
June 14 -
New channels and data analysis are making it easier for financial institutions to reach people with thin credit histories.
June 1 -
Regions Financial has finished unveiling a suite of alternative financial services, including check-cashing, money transfer and expedited bill pay services, along with a prepaid card.
March 29
SAN FRANCISCO — Regions Financial (RF) is about to introduce a new savings account for low-income and other underserved customers, as the bank expands its
The Birmingham bank also plans to offer remote-deposit capture for its prepaid card customers by early next year, a senior executive said Thursday. The system allows customers to deposit checks by snapping photos of them and submitting them online instead of bringing the check to a bank branch.
Regions will unveil a savings "component" for its "Now Banking" customers within the next 30 days, John Owen, Regions' head of business lines, said during a speech Thursday.
The new savings account "will have some matching component," he added.
Owen was addressing bankers, regulators, and non-bank financial executives at the
Regions has been eagerly courting those consumers. In March it said it had finished rolling out its "Now Banking" suite of alternative financial services, including check cashing, money transfer, prepaid cards and expedited bill pay services.