Overdrafts are the common enemy that financial brands need to vanquish.
It’s tragic how many people in the U.S face challenges with their finances due to outdated models of banking.
Let some of these stats really sink in:
-6% of U.S. households are unbankable and 18.7% are underbanked
-The payday loan check cashing industry is about $32 billion
-9% of bank account holders pay 84% of the $11 billion in annual overdraft fees
Joel Schwartz, Founder & Co-CEO at DoubleCheck Solutions, joins me today on Banking on Digital Growth to talk about giving consumers what they need (financial relationships) and what they want (financial flexibility and control).
Becoming your customer’s financial ally should be easier and giving them more of what they need is key to your financial brand’s success.