Digiliti Money’s Mobile Money Prepaid MasterCard To Be Offered By Garden Savings Federal Credit Union
Minneapolis, MN based Digiliti Money’s award-winning Select Mobile Money is a cloud-based SaaS platform that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile app. Available on iOS and Android systems, the platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with a feature-rich mobile app and branded general purpose reloadable prepaid card. Powerful back-end analytics enable financial institutions to segment customers based on behavior and send relevant marketing notifications that keep customers engaged.
Recently, Digiliti Money, Inc. (NasdaqCM: DGLT) announced that it was selected as the mobile banking platform for New Jersey-based Garden Savings Federal Credit Union. The Select Mobile Money-Express (SMM-X) platform features a reloadable prepaid card, the Select Mobile Money Prepaid MasterCard®, which Garden Savings will offer its 25,000 members throughout New Jersey. The Select Mobile Money Prepaid MasterCard is issued by Central Bank of Kansas City (CBKC), Member FDIC, under license from MasterCard International Incorporated.
Garden Savings Federal Credit Union was founded in 1968 to serve the financial needs of employees who worked for AT&T Bell Laboratories (presently known as Alcatel-Lucent). In 1985, Garden Savings expanded its field of membership to include other sponsor companies, as well as people who live, work, worship, volunteer or attend school in Newark, Elizabeth, or Jersey City. Today, with more than $300 million in assets, nearly 60 employees and four branches, Garden Savings serves more than 25,000 members representing over 150 Select Employer Groups (organizations/companies).
Garden Savings’ President and CEO Lou Vetere stated, “We’ve built our credit union on the foundation of superior member service. Now with this deployment of SMM-X, we can offer our members best-of-breed prepaid mobile banking technology, services and convenience. It also helps us fulfill a need in the communities we serve, particularly as a second-chance offering for potential members who don’t qualify for the standard checking account.”
Jeffrey Mack, Chairman and CEO of Digiliti Money, said, “Garden Savings’ deployment of SMM-X demonstrates a growing market demand for a prepaid card program that can be delivered expeditiously, but without compromise. While prepaid cards have been available for years, the practicality for financial institutions has been limited by factors such as low usage and high abandonment. SMM-X changes that dynamic by linking the prepaid card to a robust mobile environment, thereby creating stickier customer relationships and extending the life of the card.”
A study called published by the FDIC called “2015 FDIC National Survey of Unbanked and Underbanked Households” revealed that the proportion of households using prepaid cards increased from 7.9% in 2013 to 9.8% in 2015, with the growth occurring broadly across socioeconomic and demographic groups. The FDIC reported that about one in five households in the survey identified as underbanked, and that these households are more likely to rely upon their mobile device as their primary means of managing their financial accounts.
To learn more and to monitor the progress in this area of fintech and specifically with Digiliti Money, Inc. (NasdaqCM: DGLT) please visit the Company Dedicated Page at the Vista Partners website.