Financial services company Amscot Financial has announced its partnership with Green Dot in order to offer modern banking to customers.
Following this announcement, by being powered by Green Dot’s Embedded Finance platform, Arc, the new solution will offer customers access to comprehensive banking services, including a DDA, a built-in secured credit card, as well as a network of several free in-network ATMs, with additional features to come.
In addition, this partnership with Green Dot is expected to accelerate Amscot Financial’s strategy through the process of optimising accessibility to modern, affordable banking options that help customers build strong financial foundations.
Improving accessibility to modern and affordable banking options
According to the official press release, the overall demand for alternative financial services remains significant in the region of the US. The latest FDIC data also shows that 14.2% of US households were underbanked in 2023, meaning they have a bank or credit union account but primarily leverage nonbank products and services in order to meet their financial needs.
With this in mind, Amscot will continue to provide a range of nonbank financial services, including safe, regulated cash advances, check cashing, bill payments, and more, through more than 230 locations across the state of Florida. The individuals will now have the possibility to benefit from secure and affordable banking services that support their current needs and improve the manner in which they build a stronger financial foundation.
Furthermore, the partnership will also focus on optimising the banking experience for customers with modern and comprehensive digital banking tools that simplify and improve their financial lives. Both companies will continue to prioritise the process of remaining compliant with the regulatory requirements and laws of the industry, as well as focusing on meeting the needs, preferences, and demands of clients and users in an ever-evolving market.
