Wednesday, October 23, 2013
IS IT TIME WE START THINKING OF PREPAID AS JUST ANOTHER DEPOSIT PRODUCT?
Prepaid emerged with banks in third-party sponsorship roles behind program managers and marketing agents. As prepaid has becoming a mainstream financial product, the legacy of issues remaining from the third-party sponsor model have left concerns about prepaid among financial institutions. Some institutions shy away from the product altogether; others are content to limit their participation to a reseller role.
This session will start with a presentation exploring the fundamental differences between prepaid under the old model vs. prepaid as a new bank deposit product. It will highlight the market and revenue opportunity for selling prepaid to bank customers, as well as the impact on customer relationships. It will explore the operational and compliance responsibilities of prepaid compared with other deposit products. This panel of community and regional bankers will relay the decision factors that led their institutions into prepaid, and share their experiences now that they have incorporated prepaid into their deposit product line.