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 Products ▪ Alternative Car Loans

BANKS IN FLORIDA

Always Moving, Always Changing FLORIDA BANKS Regional, 9 National, 50 State, 166

Banking Institutions by County

REQUIREMENTS

Small Dollar Loans

Credit Building Products 90- days < 18% < $500 TERM APR AMOUNT

Alternative Car Loans BAD/NO INTEREST CREDIT < 18%

BANKING WEBSITES

How Are You Feeling Today? I’m Feeling… GOOD OK BAD ▪ Easy to Read and Navigate ▪ Lots of Market Jargon ▪ Hard to Navigate Around ▪ Information Readily Available ▪ Lacks Sufficient Information ▪ Market Jargon or No Info ▪ Aesthetically Pleasing ▪ ▪ Not as Aesthetically Pleasing May be Aesthetically Pleasing

Examples of

Examples of

Examples of

CUSTOMER SERVICE

The Phone is Ringing

How Are You Feeling Today? I’m Feeling… GOOD OK BAD ▪ Welcoming ▪ Long Waits ▪ Left On Hold ▪ Easy to Get Information ▪ Lots of Transferring ▪ Dreaded Elevator Music ▪ Very Helpful ▪ Some Blocks in Information ▪ “We can’t help you.”

STORY TIME ▪ “Do I Know My Products?...” ▪ “ Bye- Bye!” ▪ “Sorry , but we cannot help you.” ▪ “Connections” ▪ “All Around the World”

The Customer Might Always Be Right ▪ Certifications ▪ Money & Negotiable Instruments ▪ Managing Member Accounts ▪ Serving Credit Union Members ▪ Financial Literacy ▪ Socioeconomic Boundaries

LIVE CHATS

Live Chats ▪ Easiest Interface ▪ Straightforward ▪ Tends to be 24/7

HERE’S WHAT WE FOUND…

DEPOSIT PRODUCTS

DEPOSIT PRODUCTS Product Available Product Unavailable Product Available 10% Product Unavailable 90%

BANKS WITH PRODUCT AVAILABILITY ▪ ▪ PNC Bank Academy Bank ▪ Preferred Community Bank ▪ Bank of America ▪ Sabadell United Bank ▪ Citibank ▪ Sanibel Captiva Community Bank ▪ Fifth Third ▪ Seacoast National Bank ▪ Florida Community Bank ▪ SmartBank ▪ Gulf Coast Bank and Trust ▪ Stearns Bank ▪ Harbor Community Bank ▪ The Huntington National Bank ▪ HSBC Bank USA ▪ TotalBank ▪ Intracostal Bank ▪ Union State Bank ▪ JPMorgan Chase Bank ▪ United Fidelity Bank, FSB ▪ ▪ Valley National bank Manufacturers and Traders Trust ▪ ▪ Wauchula State Bank New York Community Bank ▪ Wells Fargo ▪ Ocean Bank ▪ ▪ Woodforest National Bank Palm Beach Community Bank

CREDIT PRODUCTS

Percentage of Financial Institutions That Offer Credit Products 100% 93% 90% 80% 70% 60% 50% 40% 30% 26% 20% 20% 16% 13% 10% 1% 0% Small Dollar Loans Credit Building Products Alternative Car Loans Banks Credit Unions

BANKS WITH SMALL DOLLAR LOANS ▪ Academy Bank​ ▪ Compass Bank​ ▪ American Momentum Bank​ ▪ Drummond Community Bank​ ▪ Ameris Bank​ ▪ Englewood Bank & Trust​ ▪ Anthem Bank & Trust​ ▪ Farmers & Merchants Bank​ ▪ Armed Forces Bank​ ▪ Fidelity Bank​ ▪ Atlantic Coast Bank​ ▪ ▪ Fifth Third Bank​ Banco Popular North America​ ▪ ▪ FineMark National Bank & Trust​ Bank of Belle Glade​ ▪ Bank of Pensacola​ ▪ First American Bank​ ▪ Bank of the South​ ▪ First Federal Bank of Florida​ ▪ Beach Community Bank​ ▪ First National Bank of Northwest Florida ▪ Capital City Bank​ ▪ First State Bank of the Florida Keys​ ▪ Centennial Bank​ ▪ First Tennessee Bank​ ▪ Charlotte State Bank & Trust ▪ Flagship Community Bank​ ▪ Citizens Bank and Trust​ ▪ ▪ Hillsboro Bank Citizens State Bank​ ▪ Comerica Bank​ ▪ International Finance Bank ▪ Community Bank and Trust of Florida​ ▪ PNC Bank ▪ Community State Bank​ ▪ Valley National Bank

BANKS WITH CREDIT BUILDING PRODUCTS ▪ ▪ Home Federal Bank of Hollywood Academy Bank​ ▪ Iberiabank ▪ Anthem Bank & Trust ▪ International Finance Bank​ ▪ Atlantic Coast Bank​ ▪ Jefferson Bank of Florida​ ▪ Banco Popular North America​ ▪ JPMorgan Chase Bank​ ▪ Bank of Pensacola​ ▪ Liberty Savings Bank, FSB​ ▪ BankUnited ▪ Manufacturers and Traders Trust​ ▪ ▪ Branch Banking and Trust Company​ Mercantil Bank​ ▪ ▪ Busey Bank​ MidSouth Bank​ ▪ ▪ MidWestOne Bank​ Cadence Bank, N.A.​ ▪ Mutual of Omaha Bank​ ▪ Century Bank of Florida​ ▪ Ocean Bank​ ▪ Citizens First Bank​ ▪ OneUnited Bank​ ▪ Columbia Bank​ ▪ PNC Bank​ ▪ Community State Bank​ ▪ Regions​ ▪ Compass Bank​ ▪ Renasant Bank​ ▪ Continental National Bank​ ▪ Republic Bank and Trust Company ▪ ▪ Eastern National Bank​ Sabadell United Bank​ ▪ ▪ Sunshine Community Bank​ First City Bank of Florida​ ▪ Terrabank ▪ First Colony Bank of Florida​ ▪ TotalBank ▪ First Florida Bank​ ▪ USAmeriBank ▪ First State Bank of the Florida Keys​ ▪ Wells Fargo​ ▪ FirstAtlantic Bank​

BANKS WITH ALTERNATIVE CAR LOANS ▪ Crescent Bank & Trust​ ▪ Seacoast National Bank​ ▪ TrustCo Bank

ALTERNATIVE FINANCIAL SERVICES (AFS)

Alternative Financial Services ▪ 24 Hour Call Access ▪ Longer Office Hours ▪ Transparency ▪ Multiple Locations

FDIC National Survey of Unbanked and Underbanked Households, 2015

TRUST

The Gap in the Bridge ▪ Business Practices ▪ Banker’s Hours ▪ Withholding Information ▪ Phone Tree

MERITED DISTRUST?

RECOMMENDATIONS

JUST A LITTLE SOMETHING ▪ Longer Office Hours ▪ One-Stop Shop Convenience ▪ Website Fluidity ▪ Implement Live Chats

QUESTIONS?

THANK YOU!