Some fintech startups are partnering with financial institutions to offer standard banking features (such as debit cards and mobile banking apps) but with a twist. These accounts support apps in Spanish, Russian and Armenian in addition to providing perks like low-cost international calling services and no-fee money transfers to customers’ home countries to entice consumers to sign up. For consumers, the burgeoning fintech sector provides more banking options to better suit their needs and expectations than a one-size-fits-all product.
- Majority, a challenger bank built for migrants, bundles services that are designed to solve the hurdles consumers are up against when they move to a new country. It offers an account with features like: No minimum balance requirements; An app in both Spanish and English (and advisors who speak Spanish); Free unlimited remittances to countries including Nigeria and Ghana; Free international calling to more than 25 countries — an important perk for people around the world without a strong internet connection.
- Welcome Technologies targets the Latino market with digital banking and other resources. Welcome Tech’s PODERcard account is meant to be a better experience. Callers, for example, are greeted in Spanish when dialing the call center unlike the experience they have when they call many other customer service phone lines.
- Startup Restart partnered with USAlliance Federal Credit Union to offer a mobile banking app that supports Russian-speaking customers. By communicating in someone’s native language, Restart is betting its mobile banking app can resonate better with pockets of the population than a typical bank account.