Two companies target underbanked consumers
U.S. Biometrics, VALID Systems say there are more than 80 million underbanked consumers in the U.S., and that the potential of this segment of the market is yet to be realized; both now join in trying to do so
Naperville, Illinois-based U.S. Biometrics Corporation, a provider of digital identity applications, and Fort Worth, Texas-based VALID Systems, a specialist in check cashing and verification solutions, have joined forces to offer the banking sector solutions aiming to serve the underbanked consumer (yes, “underbanked” — this is the language the two companies use). VALID’s very business aims to serve consumers who do not have bank accounts or do not have a bank branch near where they live. The companies say that there are eighty million underbanked consumers in the United States, and that this market segment has a potential which is yet to be realized. Financial service providers are now able to offer a broader range of products and services to candidates identified from a pool of underbanked individuals. “This new system establishes the ability to safely move the underbanked consumer into additional offerings at a financial institution but also eliminate losses due to fraud,” says David Delgrosso, president of U.S. Biometrics. He adds, “VALID’s expertise combined with our technology is making this new product an instant success.” VALID Systems’ CEO, John Templer, agrees. “US Biometrics and VALID are leaders in their respective markets and our combined fraud-prevention solutions are redefining the future of banking. Reaching out to an underserved market safely and with immediate and recurring revenues will attract and identify new long-term customers. This is a ‘win-win’ move.” Templer concluded, “We are offering hard-working, deserving people improved access and customer service. I’m pleased VALID Systems and U.S. Biometrics are achieving this together.”
