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Today over 23% of all households with a bank account use alternative financial services (AFS), including youth, at-work, minorities, immigrants, and traditional underserved. Nearly one-third of the U.S. population—106 million people—are either underbanked or unbanked, according to the Federal Deposit Insurance Corporation (FDIC). That means they don’t have bank accounts or regularly make non-bank financial transactions.
Traditional banking products do not meet the needs of this customer segment. Existing alternative financial services products are siloed and provide transactional solutions. Implementing these individual solutions and the inability to offer services across multiple channels, is cost and time intensive, as is training employees to use these systems.
Nexxo's solution abstracts all service providers and delivers a unified customer experience across multiple channels. Financial Institutions are able to create a comprehensive offering for the LMI / Underserved segment and deliver it in a way that drives a lasting Customer Relationship.