FinTech’s Increasingly Offering White Label Prepaid Cards Programs to Customers Seeking Alternatives to Money Management
Brussels, Germany – Companies around the world are getting wise to the need to offer alternate money management options to a new generation of customers – with prepaid cards leading the way.
According to Steven Foster, CEO, KnowByLity, LLC. (KBL) – a global provider of end-to-end white label solutions and software – prepaid cards serve the dual purpose of reinforcing financial institutions’ brands via white labels while attracting new customers and retaining existing ones.
Prepaid, debit and credit card spending is expected to top $10 trillion by 2023. That statistic reinforces findings in a report from the Federal Deposit Insurance Corp that approximately 51 million Americans who have a bank account supplement that with other financial services like a prepaid Visa and Mastercard.
“Millennials and GenX are bucking traditional banking trends and instead looking for options for using their money that better fit their lifestyles. Prepaid cards offer that flexibility and simplicity,” explained Foster, whose company introduced a White Label program for its business clients last year. “FinTech’s that offer prepaid cards are giving customers the financial solutions they want and promoting their own brands every time a card with their logo is swiped – while seeing revenue gain.”
He says that KBL’s clients in the banking industry are maximizing the potential of white label programs in other unique ways. Case in point? Credit Unions are increasing their marketing to parents of young adult and college students by reinforcing the value the cards offer in teaching financial literacy while offering thesafeguards that prevent overspending and debt.
Prepaid cards typically are available by app or physical card and can be used to pay bills, for purchases and ATM withdrawals, to track spending, and can be set-up for direct deposit. The cards typically offer a rewards program for referrals, peer-to-peer transfers, and fraud and theft protect.
KBL designs its clients’ software, handles all the necessary compliance and regulatory approvals to get the cards to market, and manages all or some of the program administration based on client preference. It prides itself on its sophisticated digital platforms that comprise administrative portals, API connections and secure encryption for sign-ups, KYC, sponsor banks, call centers and fulfillment centers.
“KBL is all about doing our part to enable our clients to offer the most innovative financial management tools to support the banking needs of everyone everywhere,” he added.
About KnowByLity:
KBL offers comprehensive mobile and desktop platforms tailored to clients’ varying needs along with customer experience platforms. Its software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services’ regulatory requirements.
For more information on KBL and its solutions, please visit www.kblholdings.com and www.bancked.com.
Media Contact
Company Name: KnowByLity, LLC
Contact Person: Gretchen Miles
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Phone: 00.1.844.925.5389
Country: Brazil
Website: www.kblholdings.com
