Product Development and Bank on San Francisco

1
Product Development and Bank on San Francisco

• Michael Kyle, US Bank

2
The role of the Financial Institution

• A Role That is Necessary for project to work
• Offering distinct product(s) that can appeal to
  this market and encourage wealth building
  
• Educating market more thoroughly on how products
  work, customer service follow up, etc.
  
• Building awareness of product offering in target
  markets.
  

3
The Product(s)

• Important to satisfy non-profit concerns and
  balance incentive for financial corporation
  participation why it may be necessary for some
  to develop new or variation of existing
  product.
• Second Chance elements
• Risk Screening and Chexsystems
• Pay back of owed funds

4
The Product(s) (contd)

• NSF/OD/MS FEES
• Identification Requirements and the Matricula
  Consular.
  
• Tied to other line of products that would
  incentivize participation in financial literacy
  training and eventual wealth/relationship growth
  
• WARNING Looking for optimization and may need to
  start out small and simple rather than large.

5
The Challenge to the Financial Institution

• Risk (NSF, CIP, BSA, AML)
• Tracking Success in a complex environment and
  cost
  
• Barriers of International/National institutions
  in unleashing a target product--technology
  issues.
  
• Competitiveness

6
US Bank and Emerging Markets

• Product Line
• Customer Service Expectation at the ground level
  and at every level
  
• Second Chance Program
• Branch Locations
• Diversity of workforce language
• Partnerships/Sponsorships
• Creating new image of banksless of an
  institution
  

7
Next Steps for BOSF

• Gain consensus among financial institutions on
  minimum criteria
  
• Devise Marketing Plan
• Build partnerships between City, Fed, Banks,
  Non-Profits, Colleges, Unions, Social and Civic
  Orgs
  
• Have plan to track success
• Be conscientious of mission to bank the unbanked
  AND underbanked, and help them become better
  money managers.