OuterBanx®, THE paradigm shift in the evolution of banking.
By Peter Lucas
September 30, 2022
Consumers’ usage of debit cards has finally surpassed that of credit cards. Through the second quarter of 2022, 56.2% of consumers preferred debit as their primary payment card, compared to 39.5% for credit, according to a report from S&P Global Market Intelligence. Those numbers represent a dramatic change in the payments landscape, as just 40.2% of consumers cited debit as their primary payment card as recently as last year, compared to 54.6% for credit.
The reasons for the overwhelming shift are varied. On a broad scale, they include lower or no fees for debit card use, faster settlement, the additional security feature of a PIN for card-present transactions, and no interest charges. Another factor is that consumers view debit as a way to prevent overspending and better manage their finances.
“Predictability, low/no fees and greater ease of managing money are the primary benefits of using debit cards,” Jordan McKee, director, fintech research and advisory for 451 Research, a technology-research group within S&P Global Market Intelligence, tells Digital Transactions News by email.
https://www.digitaltransactions.net/in-a-payments-industry-first-usage-of-debit-cards-tops-that-of-credit-cards/
Large banks have been far more likely over the past decade to open branches in wealthier predominantly white neighborhoods than in communities of color, according to a new report.
The report, which examined trends at 14 of the largest U.S. banks between 2010 and 2021, found that they only opened 638 branches in low-to-moderate-income communities where people of color make up a majority.
That accounted for roughly 15% of the 4,130 total branches that large banks opened during th same time period a far smaller portion than the 61% of branch openings in predominantly white, middle to upper income neighborhoods.
Altamonte Springs, Florida,
June 22, 2021
SeeTek® introduces OuterBanx® with Deposit & GO InstaDebit® mini bank branch terminals.Suitable for Bank Desert communities defined as having few, if any, banks, thus reducing the need for consumers to rely on predatory check cashers. Nationwide, recent studies estimate that there are now over 164 million Bank Challenged™ consumers and that is up from 150 million only 5 years ago, CEO Kevin Kerridge stated.
Bank Challenged™ consumers include people who are unbanked, underbanked, debanked, unbranched, Millennial, new immigrant, no bank history, poor bank history, no FICO score, etc...
SeeTek's patented SWORD® technology integrated with operator assisted Deposit & GO InstaDebit® terminals delivers a Forensic KYC enrollment experience powered by Artificial Intelligence driving Optical Character Recognition, eliminating operator error and delivers an instant issue bank account with personalized Debit Card on the spot in 3-5 minutes. Meets and or exceeds US Treasury rules and regulations for KYC, BSA/AML, Check 21, RDC, Reg e, etc... as well as EMV chip.
Kerridge further commented, “OuterBanx® is a Game Changer... reducing the growth of Bank Deserts and Industry feed back has been extremely positive”.
Yonas Marcos, Star Financial Services: SeeTek has reinvented the ATM!
Jack Casey, former SVP at Money Pass/Elan: Kerridge is the Thomas Edison of banking.
More information may be found at www.SeeTekCorp.com including Bank Desert maps and videos.
97% of branches that closed from 2008 to 2019 were in low to medium income neighborhoods. 2020 saw the closure of 3,324 more branches leaving many new Bank Deserts open only to see a 30% growth rate of predatory check cashers filling the void. OuterBanx® is positioned to reverse that trend and provide basic banking services to people disenfranchised from main steam banking. The award winning OuterBanx® Mobile app further drives the Customer Experience delivering more Financial Services such as Money Remit, Bill Pay, Cell Phone Top Up, Virtual Checking, Family Benefit Program with more features in development.
Media Contact:
SeeTek®, LLC
283 - #111 Cranes Roost Blvd, Altamonte Springs, FL 32701
1 833 GET SWRD (438 7973)
contact@SeeTekCorp.com
Nov 30, 2021
You saw us at RTO World Tampa!
Nationwide Prime Time, Phoenix, AZ. Feb 5-8, 2022
TRIB RTO Dallas, TX March 4-7, 2022
MORE EVENTS TO FOLLOW….
We are extremely pleased to announce that SeeTek’s OuterBanx® mini bank branch program will now operate under a National Bank Charter!
©2021, OuterBanx®, Inc.