PRESS CONTACTS:
Mark Hall, ego:east, inc.
786-281-7007, markh@ego-east.com
John La Place, BearingPoint, Inc
212-896-6213, john.laplace@bearingpoint.com
BEARINGPOINT'S RAMSEY TO HELP PROFILE $1.1 TRILLION MARKET OF PEOPLE WHO DON'T USE BANKS, OR MOST BANKING SERVICES
Ramsey to Join Executives for First Profile of Key Financial Services Segment During 2006 Prepaid Card Expo February 15
Nashua, NH, February 13, 2006 -- Prepaid Media, a leading provider of media and information services to the prepaid and stored value card industry, announced today that Tim Ramsey, a senior manager with BearingPoint, Inc. (NYSE:BE), a leading global management and technology consulting firm, will present findings from a recently completed "Study on the United States Underserved Banking Market" February 15, at the Prepaid Card Expo in Orlando. Ramsey will help profile the burgeoning $1.1 trillion market of people who either do not use banks or do not have the credit to hold accounts, and talk about how financial services companies can better meet their needs.
"For the first time we will profile this large and underserved market to identify consumers' characteristics to help financial services companies better understand their immediate needs," said Ramsey, who is part of BearingPoint's Payment and Fulfillment Services practice. "The presentation will also define typical behaviors in overall spending and bill payment."
The presentation divides this market into three segments identified as unbanked and underbanked customers, as well as unregistered immigrant consumers. The session will also cover market characteristics and sizing, along with a segment on specific consumer profiling. Underserved consumers generate more than $1.1 trillion in annual income, of which unbanked consumers represent nearly $510 billion each year. On average, unbanked consumers spend between $300- $400 per year in bill payment fees, including check cashing, money orders and other fees.
"This comprehensive study collects ground-breaking research on this market and it will present the attendees with an accurate picture of individual behavior patterns in this underserved, but economically significant market,” said Jonathan A. Wiener, president of Prepaid Media. “We are fortunate to be able to bring this important industry research to the 2006 Prepaid Card Expo attendees."
The presentation is the most comprehensive to date on the underserved banking market, pooling data from white papers, six government agencies, two private companies, and industry, including the National Income and Product Accounts, the US Census American Community Survey, the Bureau of Economic Analysis Local Personal Income, the US Census Public Use Microdata Sample, and the Survey of Consumer Finances.
About Prepaid Media
Prepaid Media, a division of Prepaid Services Group, provides a host
of media services to the rapidly growing prepaid card industry, encompassing
prepaid Visa?, MasterCard? International, Discover? Network, American
Express? and other network branded cards. Recognizing network branded
prepaid cards as a distinct category of products, Prepaid Media focuses
on the payments industry as well as the many specific markets served
by these cards including: unbanked, underserved and payroll; healthcare;
corporate and consumer; and government. As prepaid continues to emerge,
Prepaid Media serves as a trusted partner, providing relevant education,
buying and selling opportunities, and organized networking to key
market participants.
The first initiative brought to market by Prepaid Media is the 2006
Prepaid Card Expo held February 15-17, 2006 at the Buena Vista Palace
Resort & Spa in Orlando, Florida. While many events covering other
card and payment products have attempted to capture relevant content
for prepaid cards, the Prepaid Card Expo is unique with its dedicated
and panoramic view of this market. For more information on Prepaid
Media and the 2006 Prepaid Card Expo, visit: www.prepaidcardexpo.com
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