Interesting speech which provides a compelling argument that banks (in US) are missing an opportunity created by the massive influx of immigrants.  That group whose language and culture is not English, are distrustful, and perhaps afraid of Banks, and are seeking alternatives that US locals would not consider, such as cheque cashing outlets.  He uses the example of someone who earns US $12,000 per week doing just that.

OCC Ombudsman Shares Insight on Leadership Opportunities in Financial Services

My concern, rather, is the narrower one involving the future of the banking industry. I’m here to ask whether the industry to which you have dedicated your careers can afford to leave on the table the billions in current business – and multiples in future business – that the fringe industry collects by catering to the needs of our growing minority population. Given the projected size and potential earning power of that population, I think the answer is self-evident.

What can be done? The key to gaining or improving a position in any market is understanding it better, and here I think that the members of this organization bring some unique advantages of empathy and first-hand insight.

The full text of this speech is available at http://www.occ.gov/ftp/release/2006-66a.pdf.

Relevance to Bankwatch:
Walmart see this as an opportunity, yet traditional banks in all countries are not equipped, nor are they considering becoming equipped to address the opportunity with new products, and different didstribution aligned to the group.  This opportunity exists everywhere: Algerians in France, Sikhs and Chinese in Canada, Indians in UK etc etc.

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