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Where all mainstream financial outlets closed the deprived and least financially adept people were forced to go to money lenders, pawnbrokers and credit unions, said Mr Willis.
Meanwhile, mainstream financial services have all but abandoned low- and moderate-income groups.
It is becoming integrated into the mainstream financial infrastructure with many banks getting involved.
Fast forward to today and the argument has rocketed into mainstream financial thinking.
Bitcoin still faces plenty of skepticism in the mainstream financial world.
What was once a cottage industry aimed at people marginalised or abandoned by mainstream financial services is becoming mainstream.
In so doing, the CFTC contributed to a rapid integration of virtual currency with mainstream financial markets and institutions.
As a result, easily understood indicators that quantify the business value of sustainability in mainstream financial terms do not exist.
Despite the best efforts of mainstream financial institutions, financial exclusion is depriving millions of poor any chance to attain adequate standard of living.
More must be done to encourage everyone to enjoy the benefits that mainstream financial products can offer.
But little attention has been paid to the firms that target consumers outside the mainstream financial system.
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