Tuesday, February 23, 2010

Keynote Address: Robert L. Johnson, Chairman, The RLJ Companies

The conference director for the Prepaid Expo event Jennifer Sobrino introduced today’s keynote speaker Robert L. Johnson to the stage as he was welcomed by warm applause from conference attendees. Robert began his keynote by giving a short synapses of the Expo so far and how the general consensus was of transparency and of full disclosure. Robert gave a short joke that tied this concept in that had attendees laughing.

Robert went on to discuss that the financial industry is going through a tough time and so we need to deliver products that are transparent, cost-efficient, and that respond to consumers’ needs.

Here are Robert’s 3 Keys to success
1. Understand what the consumer really wants and needs
2. Partner with organizations that share your vision
3. Build awareness among all stakeholder

People still need access to reasonable financial products even more so now when times are tough. About 60% of Americans do not have bank accounts or do not use them and so they rely on check cashing, money transfers, and payday loans. These alternatives generally cost the consumer a lot of money in fees. What is not spent in fees by consumers are often kept as cash which is not very secure, it can be lost and/or stolen.

Urban Trust Bank offers several solutions that help consumers better manage their money. The Urban Trust Bank Success Prepaid Card currently targets the underbanked in the urban community. It gives consumers the peace of mind that there money is secure. Robert’s main theme during the presentation can be summarized by saying that there are solutions and opportunities for better money management in the urban community that does not include fees. Companies should be dedicated to really listening to consumers’ needs to provide better solutions for financial services.

Here's a short clip from the presentation:

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