One of Consorteum Holdings’ main goals is to provide superior, viable financial options for the grossly underserved segment of the population, mainly, the underserved and underbanked. By aiding this clientele, the company aims to become a prominent leader in the Consumer Financial Services (CFS) market.
The unbanked/underbanked population includes individuals who receive government benefits, payroll cheques, and other types of payments, but currently have minimal or no banking relationship. Two-thirds of CFSC’s customers, the underbanked, are those who already have bank accounts, but typically seek more convenient financial services. The remaining customers (the ‘unbanked’) are those who have been ignored by mainstream financial institutions; they look to CFSC for basic financial service.
CFSCs are leaders in the electronic distribution of government benefits, e.g., Social Security, U.S. Servicemen Checks, etc. They are also leaders in electronic bill payments. The average CFSC offering check-cashing services generates $10 million in gross revenue and $250,000 in total net revenue.
On the flip side, banks charge an average of $8 – $15 per month for a zero balance checking account in addition to extra fees – an obvious barrier for those who typically have a zero balance. Due to increased credit requirements and security measures at banks, often the only alternative for the unbanked/underbanked is to use expensive check cashers (averaging 2% – 5% to cash a paycheck).
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