PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Indiana Banks Offering More Products for Unbanked People

By Ben Jackson
October 17, 2016
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

2016 New year countdown timer

Banks in Indiana are using prepaid cards and second-chance checking accounts to help unbanked people get into the financial mainstream, the Indianapolis Business Journal reports.

Chase Bank has its Liquid card, Regions Bank its NOW card, and PNC Bank its SmartAccess card—all prepaid debit cards that don’t allow overdrafts. On the deposit side, Fifth Third has its Express Banking account, PNC has its Foundations Checking account, and Old National Bank has its EZ Access account.

“It doesn’t matter if we’re in Muncie or Anderson or Indianapolis or Lafayette, there’s a certain part of the community that has issues with their credit,” said Mike Stewart, chief banking officer at Muncie-based First Merchants Bank, which launched its Simple Access card in August. “So we do feel it’s a responsibility to offer such products and help those that want to help themselves.”

The article discusses how expensive life can be for cash-based people, and how easy it is to lose access to a bank account. However, if banks and credit unions want to tap the true potential of their customers, then they need to provide the information and tools to help customers save, built their credit scores, and ultimately become users of the institution’s full line of products from transaction accounts to wealth management. Mercator Advisory Group has explored this concept in its report: “The Six Million Dollar Customer: Using Technology to Build a Profitable Customer Base.” The strategy implication is clear, those institutions who can best help customers build their personal wealth will become the most profitable institutions.

Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group

Read the full story here

Read the full report here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025
    consumer debit

    As Payment Types Proliferate, Debit Cards Still Go Strong

    June 26, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result