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“Rock On with Bank On”
Joanne Nguyen | Irene Fong
A Special Thanks to Our Sponsors
Rock On with Bank On Joanne Nguyen | Irene Fong A Special Thanks to - - PowerPoint PPT Presentation
Rock On with Bank On Joanne Nguyen | Irene Fong A Special Thanks to - - PowerPoint PPT Presentation
Rock On with Bank On Joanne Nguyen | Irene Fong A Special Thanks to Our Sponsors Who Are We? IRENE FONG JOANNENGUYEN What is Our Goal? Alternative to the Alternative Deposit Products Small Dollar Loans Credit Building
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Who Are We?
JOANNENGUYEN IRENE FONG
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What is Our Goal?
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Alternative to the Alternative
▪ Deposit Products ▪ Small Dollar Loans ▪ Credit Building Products ▪ Alternative Car Loans
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BANKS IN FLORIDA
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Always Moving, Always Changing
National, 50 State, 166 Regional, 9
FLORIDA BANKS
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Banking Institutions by County
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REQUIREMENTS
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Small Dollar Loans
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Credit Building Products
AMOUNT APR
TERM
< $500 < 18% 90- days
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Alternative Car Loans
BAD/NO CREDIT INTEREST < 18%
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BANKING WEBSITES
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▪ Easy to Read and Navigate ▪ Information Readily Available ▪ Aesthetically Pleasing ▪ Lots of Market Jargon ▪ Lacks Sufficient Information ▪ May be Aesthetically Pleasing ▪ Hard to Navigate Around ▪ Market Jargon or No Info ▪ Not as Aesthetically Pleasing
How Are You Feeling Today? I’m Feeling…
GOOD OK BAD
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Examples of
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Examples of
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Examples of
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CUSTOMER SERVICE
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The Phone is Ringing
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▪ Welcoming ▪ Easy to Get Information ▪ Very Helpful ▪ Long Waits ▪ Lots of Transferring ▪ Some Blocks in Information ▪ Left On Hold ▪ Dreaded Elevator Music ▪ “We can’t help you.”
How Are You Feeling Today? I’m Feeling…
GOOD OK BAD
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STORY TIME
▪ “Do I Know My Products?...” ▪ “Bye-Bye!” ▪ “Sorry, but we cannot help you.” ▪ “Connections” ▪ “All Around the World”
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The Customer Might Always Be Right
▪ Certifications
▪ Money & Negotiable Instruments ▪ Managing Member Accounts ▪ Serving Credit Union Members
▪ Financial Literacy
▪ Socioeconomic Boundaries
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LIVE CHATS
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Live Chats
▪ Easiest Interface ▪ Straightforward ▪ Tends to be 24/7
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HERE’S WHAT WE FOUND…
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DEPOSIT PRODUCTS
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Product Available 10% Product Unavailable 90%
DEPOSIT PRODUCTS
Product Available Product Unavailable
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▪ Academy Bank ▪ Bank of America ▪ Citibank ▪ Fifth Third ▪ Florida Community Bank ▪ Gulf Coast Bank and Trust ▪ Harbor Community Bank ▪ HSBC Bank USA ▪ Intracostal Bank ▪ JPMorgan Chase Bank ▪ Manufacturers and Traders Trust ▪ New York Community Bank ▪ Ocean Bank ▪ Palm Beach Community Bank
BANKS WITH PRODUCT AVAILABILITY
▪ PNC Bank ▪ Preferred Community Bank ▪ Sabadell United Bank ▪ Sanibel Captiva Community Bank ▪ Seacoast National Bank ▪ SmartBank ▪ Stearns Bank ▪ The Huntington National Bank ▪ TotalBank ▪ Union State Bank ▪ United Fidelity Bank, FSB ▪ Valley National bank ▪ Wauchula State Bank ▪ Wells Fargo ▪ Woodforest National Bank
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CREDIT PRODUCTS
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16% 20% 1% 26% 93% 13% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Small Dollar Loans Credit Building Products Alternative Car Loans
Percentage of Financial Institutions That Offer Credit Products
Banks Credit Unions
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▪ Academy Bank ▪ American Momentum Bank ▪ Ameris Bank ▪ Anthem Bank & Trust ▪ Armed Forces Bank ▪ Atlantic Coast Bank ▪ Banco Popular North America ▪ Bank of Belle Glade ▪ Bank of Pensacola ▪ Bank of the South ▪ Beach Community Bank ▪ Capital City Bank ▪ Centennial Bank ▪ Charlotte State Bank & Trust ▪ Citizens Bank and Trust ▪ Citizens State Bank ▪ Comerica Bank ▪ Community Bank and Trust of Florida ▪ Community State Bank
BANKS WITH SMALL DOLLAR LOANS
▪ Compass Bank ▪ Drummond Community Bank ▪ Englewood Bank & Trust ▪ Farmers & Merchants Bank ▪ Fidelity Bank ▪ Fifth Third Bank ▪ FineMark National Bank & Trust ▪ First American Bank ▪ First Federal Bank of Florida ▪ First National Bank of Northwest Florida ▪ First State Bank of the Florida Keys ▪ First Tennessee Bank ▪ Flagship Community Bank ▪ Hillsboro Bank ▪ International Finance Bank ▪ PNC Bank ▪ Valley National Bank
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▪ Academy Bank ▪ Anthem Bank & Trust ▪ Atlantic Coast Bank ▪ Banco Popular North America ▪ Bank of Pensacola ▪ BankUnited ▪ Branch Banking and Trust Company ▪ Busey Bank ▪ Cadence Bank, N.A. ▪ Century Bank of Florida ▪ Citizens First Bank ▪ Columbia Bank ▪ Community State Bank ▪ Compass Bank ▪ Continental National Bank ▪ Eastern National Bank ▪ First City Bank of Florida ▪ First Colony Bank of Florida ▪ First Florida Bank ▪ First State Bank of the Florida Keys ▪ FirstAtlantic Bank
BANKS WITH CREDIT BUILDING PRODUCTS
▪ Home Federal Bank of Hollywood ▪ Iberiabank ▪ International Finance Bank ▪ Jefferson Bank of Florida ▪ JPMorgan Chase Bank ▪ Liberty Savings Bank, FSB ▪ Manufacturers and Traders Trust ▪ Mercantil Bank ▪ MidSouth Bank ▪ MidWestOne Bank ▪ Mutual of Omaha Bank ▪ Ocean Bank ▪ OneUnited Bank ▪ PNC Bank ▪ Regions ▪ RenasantBank ▪ Republic Bank and Trust Company ▪ Sabadell United Bank ▪ Sunshine Community Bank ▪ Terrabank ▪ TotalBank ▪ USAmeriBank ▪ Wells Fargo
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▪ Crescent Bank & Trust ▪ Seacoast National Bank ▪ TrustCo Bank
BANKS WITH ALTERNATIVE CAR LOANS
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ALTERNATIVE FINANCIAL SERVICES (AFS)
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Alternative Financial Services
▪ 24 Hour Call Access ▪ Longer Office Hours ▪ Transparency ▪ Multiple Locations
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FDICNational Survey of Unbanked and Underbanked Households, 2015
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TRUST
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The Gap in the Bridge
▪ Business Practices ▪ Banker’s Hours ▪ Withholding Information ▪ Phone Tree
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MERITED DISTRUST?
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RECOMMENDATIONS
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JUST A LITTLE SOMETHING
▪ Longer Office Hours ▪ One-Stop Shop Convenience ▪ Website Fluidity ▪ Implement Live Chats
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QUESTIONS?
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