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Credit Sesame launches digital banking service

Friday 13 March 2020 13:00 CET | News

US-based credit and loans company Credit Sesame has announced launching a digital banking service.

 

To date, its focus has been on helping consumers achieve financial health by taking steps to consolidate debt and raise their credit score. Now, it’s expanding to include digital banking, but with the goal of using its better understanding of its banking customers’ finances to better personalize its credit improvement recommendations. 

The new service, Sesame Cash, has many features found in other challenger banking apps, like a general lack of fees, real-time notifications, an early payday option, free access to a sizable ATM network, in-app debit card management and more. Specifically, Credit Sesame says it won’t charge monthly fees or overdraft fees, and it provides free access to more than 55,000 ATMs and a no-fee debit card from Mastercard. 

However, the banking app also serves a secondary purpose beyond its plan to take on traditional banks. Because the company has insights into users’ finances and repayment abilities, it will be able to offer personalized recommendations, including those for relevant credit products from its hundreds of financial institution partners. The banking service will initially be made available to existing customers, before becoming available to the general public. The Credit Sesame mobile app is a free download for iPhone and Android.


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Keywords: Credit Sesame, credit score, product launch, United States, digital banking service, digital bank, online banking, mobile banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech