Bank On and the Importance of Financial Inclusion
Bank On’s goal is to ensure that everyone has access to a safe and affordable bank or credit union account. The American Bankers Association (ABA) has called on every bank in the country to consider offering Bank On certified accounts to expand access to banking services and reduce the number of unbanked and underbanked Americans.
The challenge, according to the Bank On website is that “research from the Federal Deposit Insurance Corporation shows that there are many reasons consumers lack a basic transaction account: not enough money for the minimum balance; distrust of financial institutions; high or unpredictable fees; or identification, credit or banking history problems. Many Americans are driven to use expensive alternative financial services, including check cashers, payday lenders, and pawn shops that charge high fees for financial services that fail to help people get ahead. Without a checking account, families wind up paying too much for basic financial transactions and are hard pressed to build savings and assets.”
Bank On is looking to address this challenge by developing the Bank On National Account standards to provide local programs with a benchmark for account partnerships with financial institutions.
Here at Technisys we believe in financial inclusion, and as a Core banking platform provider, are proud to have committed to making it easier for our bank customers to offer the highly affordable accounts that meet the Bank On National Account Standards.
Technisys and our next gen core and digital banking platform can enable banks and credit unions to create and offer Bank On certified accounts with features that meet the national standards including:
- Online account opening and deposits
- Remittances (International wire)
- Linked saving accounts
- Bill pay
- Online banking, mobile banking, banking alerts
- Credit-building product offerings
Cyberbank gives banks looking to offer Bank On certified accounts the ability to change product definitions according to the behaviors of different customer segments. That enables banks to easily build and provide underserved customers with a wide range of personalized digital banking products with no platform constraints and without running into excessive cost structures.
If you are interested in learning more about how we can help your organization create and offer Bank On-certified accounts, send an email to email@example.com and we’ll be in touch to set up time to talk.