Digital disruption has had a profound impact on the banking industry – bringing forward customer-centric platform-based models and forever changing how we interface with our financial institutions. While this change has been positive for most, it has presented challenges for others.
The current landscape of U.S. financial institutions fails to provide adequate support to certain communities. The absence of accessible digital financial tools is an ongoing issue facing underserved populations and plays largely into the distrust and poor sentiment certain socioeconomic groups have for banking institutions. In 2019, 7.1 million U.S. households were without any official bank accounts, due to the distrust underserved communities feel towards bigger financial institutions.
In fact, many institutions eager to work with those communities hold an unconscious bias that primarily minority-focused members do not desire or value digital banking tools.
Open Banking Solutions is one of the few fintech's with a proven track record for democratizing banking by bridging the gap between minority groups and financial institutions through accessible technology. It is uniquely experienced when it comes to taking on this issue due to its 37-year reputation as an industry leader in Latin America.
The company is dedicated to bringing its tech forward approach to the U.S. with a focus on credit unions and community banks in diverse communities who want advanced digital banking solutions by offering their multilingual and multi-currency products. Ranging from enabling intuitive and secure digital banking straight from member’s phones to data visualization to make the most out of users KPIs.
As an industry leader in Latin America, the company also boasts a diverse team of members who come from the communities they serve and know what an impact solving the digital experience gap can have among their customers. While digital capabilities in the financial industry continue to advance, it’s imperative forward-thinking companies like Open Banking Solutions bring their expertise to new regions to expand access to these digital banking resources.
As the demand for inclusive digital banking services continues in an ever-growing online world, Open Banking Solutions has a proven track record of bridging the digital gap through its accessible technology solutions.