Reaching the Underserved: Strategies to Scale Financial Inclusion
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What is Credit One’s mission for serving the credit‑underserved market?
I'm at the Financial Brand Forum here in Las Vegas where we have so many financial institutions that serve the consumer at every level and every product line. We also have a lot of solution providers that are providing solutions to the banking industry to make banking better. So today I have Michael Coleman, the Chief Marketing Officer from Credit One Bank. Who is here to talk about the initiatives that Credit One Bank has done and how they're serving their customers. I had a previous podcast, if you want to listen to it, with Steve Minn, who's a credit officer. And it's really interesting because you do business differently. So before we start, do you want to talk a little bit about your background, your s what you do at Credit One, but also a little bit about what Credit One brings to the consumer that's different from the regular part of the marketplace that we're used to.
Yeah, so I run marketing for the bank. I've been doing this gosh almost a decade. But I didn't start in marketing. Um I started off in technology consulting. I've done a lot of different things in my career. Uh I did a startup at the turn of the century that uh didn't quite start up. It was like, you know, we Raised a bunch of money and spent a bunch of money to make a lot of money and then uh did some management consulting and then I was recruited to the bank to do digital marketing and uh and then eventually it kind of expanded that role to where I'm doing all marketing and kind of the branding and all the other efforts here at the bank. So I have a lot of different kind of experience in my background, but I've kind of landed here in the banking space and and it's been an incredible uh run here.
The bank just simply because it's been it's very different serving financial services customers. So I'm uh especially this bank, because um, I mean, obviously you're familiar with the bank, but the bank was founded as a regional bank that served all kinds of products, all kinds of loan and credit products to all kinds of different um customers. So there's all kinds of different solutions that provided, but over time. What it realized is where it could serve people the most, where it could provide solutions that impacted people the most, was in the credit space.
Yeah.
Because what it found was that there were most of the traditional banks at the time and even today um would not we were not willing to serve uh to give credit products to people who were either building or rebuilding their credit. Yeah. And what that means to get very technical is typically somebody who has a credit score below seven hundred, six eighty, once you get in that range, a lot of traditional banks will back away from those types of card members for a number of different reasons.
Yeah. And and it's interesting because what drew me to Credit One Bank and what you do is exactly what you're saying. It's serving a massive that's what's not understood is how big this marketplace is of the underserved market that as you said are either trying to build, rebuild credit and and get on their feet, but in a way that's actually a partnering way, as opposed to one that they're Going to pay through the nose for. And that's assuming that they even get the chance. I I I have 50 years of banking experience. It hasn't changed a whole lot from the way that credit is offered. Most financial institutions want what they're called A and B customers that are in the highest credit scores, and they're usually the ones who need credit the least.
Right. And that's difficult. So we're talking about those overlooked consumers that need access to credit and And just as importantly, and you spend a lot of time at this with this at Credit One, is with financial education. And not ones that you have to search the website to find out something that's a document, but really engaging consumer education. So let's start with credit access.
How did Michael Coleman’s career path lead him to focus on credit education?
You know, our we did a recent report sponsored by you around the accessibility of credit. And what we found was 56% of institutions have
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Chapters
7 chapters
1
What is Credit One’s mission for serving the credit‑underserved market?
0:11–3:52
2
How did Michael Coleman’s career path lead him to focus on credit education?
3:52–6:23
3
Why do traditional banks avoid borrowers with scores below 680 and how does Credit One differ?
6:23–12:03
4
What role does transparent fee structure play in building trust with underserved consumers?
12:03–16:56
5
How does Credit One use pre‑approved offers and direct‑mail to reach millions of households?
16:56–22:16
6
What are the key components of Credit One’s digital‑first credit education campaigns?
22:16–28:59
7
Can you share a real‑world story of a card member whose life changed thanks to Credit One?
28:59–32:44