Enabling Underbanked Consumers to Achieve Financial Wellness
Many consumers live paycheck to paycheck, with insufficient savings to deal with an unexpected expense. Others have credit scores that are so low they cannot access affordable credit or lack a credit score entirely. And some– after incurring overdraft and other account fees– feel that mainstream financial products, such as checking accounts and savings accounts, may come at too high of a cost for the benefits they provide. Ultimately, these challenges can turn into roadblocks on the path to financial security.
While these consumers collectively make up a majority of U.S. households, the magnitude of their struggles was often overlooked until the COVID-19 pandemic brought it into sharp focus.
Many innovative companies have stepped in to serve this sizable market and provide these consumers the tools they need to reach their financial goals and alleviate some financial stress. Their solutions help consumers solve for immediate needs while enabling them to increase their long-term financial wellness.
While financial institutions have not always had the right offerings to fit the needs of this consumer segment, some innovative companies are disrupting the traditional way of doing things to deliver highly relevant products and services. Their ultimate goal is to provide tools that help consumers achieve financial wellness– and to do so profitably, so that the company can grow its offerings. As a key technology partner, i2c plays a pivotal role in bringing these solutions to market.
Download the latest white paper from Aite, which describes how BrightFi, Credit Sesame and Payactiv have brought their visionary ideas to reality, including the market need they saw, how they are addressing it through their innovative solutions, and the partnerships they have formed with i2c.