Community Banks

Are you seeking to offer your customers modern financial services on par with large banks and emerging online fintechs?

Unlocking Opportunity for Community Banks

Econofi ™ delivers product innovation to Community Banks. Our white-labeled platform enables your bank to provide modern financial services, on par with large banks and emerging online fintechs.

Econofi ™ Novus Loans

Our platform offers a revolutionary solution for community banks to offer new lending products. Your bank can issue credit cards to customers and maintain the customer-credit card relationship. By doing so, your bank can earn significant revenue through both interchange fees and interest. This approach will not only diversify revenue streams but also provide customers with reliable and innovative lending options:

  • Credit Builder Loans with Secured Credit Cards
  • Buy Now, Pay Later Loans
  • Small Business Loans
  • Healthcare Payment Loans
  • Small Farm Loans

Let's discuss how your bank can use these lending products to improve its CRA rating from "Needs to Improve" or "Substantial Noncompliance" to "Outstanding" or "Satisfactory."

Econofi ™ Community Account

Unlock new business opportunities by offering specialized account features that cater to the Underbanked. Boost your customer base and increase revenue with our carefully crafted solutions:

  • No minimum balance for checking and savings
  • No fees for ATMs, checking, or savings
  • Debit card
  • Credit card
  • A full-featured mobile app to access all accounts, bill payments, and Zelle payments.  

Let's discuss how your bank can use these account features to attract new customers underserved by traditional banking institutions.

Econofi ™ Uplift Access

A group of potential customers within your community are currently not being served. They are known as the Unbanked. We can help you qualify them as new customers. How? By using Artificial Intelligence technologies, we can reduce instances of identity and check fraud. Our technology can help a community bank serve the Unbanked.

  • Sign-up is through the white-labeled Econofi mobile app.
  • Econofi-IDV ™, our AI technology, verifies their identity and grants access to any Community Bank within the Econofi network.
  • Econofi-CKVAL ™ enables the Unbanked to cash Government checks, validated using AI (payroll check validation will follow).
  • Additionally, all transactions are reviewed in real-time to determine eligibility for other bank products.                                                                 
Your bank may charge a fee for check cashing and money order purchases for bill payment. You might also offer a secured credit card account with this account.
The high achievers include fintechs and other digitally savvy competitors that continue to take market share. According to the report, 28% to 30% of Americans already bank with fintechs, which have captured 3% to 5% of total U.S. banking revenues. In 2020, the number of digitally active banking customers rose 5.6% from the previous year, compared with an average year-over-year increase of 3.3% between 2015 and 2019, according to McKinsey.

~American Banker, Banks stuck in old ways have little time to modernize: McKinsey