CFSI debuts new consulting practice to represent underbanked consumers

The Chicago-based Center for Financial Service Innovation (CFSI) has announced the launch of its new consulting practice that will help serve clients in the underbanked market place.

The agency said it will partner with industry leaders to help define strategies to help businesses grow, as well as develop and market new products.


Founded in 2004, CFSI is a national nonprofit that helps develop financial strategies and policies for organizations that serve low and moderate income consumers with products and services that are sustainable and beneficial to the underbanked community.

The Federal Deposit Insurance Corporation estimates that 7.7 percent of U.S. households are considered underbanked because they have poor access to mainstream financial and banking services.

Advisory Services Vice President Kimberly Gartner said the company's client will benefit from the firm's experience in the financial services.

"Our offerings recognize industry dialogue has shifted from the question of why serving the underbanked matters to one of execution," Gartner noted. "Unlike any other organization, CFSI brings an important point of view about what constitutes quality in this market and a focus on sustainable business models."

CFSI said it will focus on three areas of services including strategic planning, product design and research and execution.