Hit or Miss?

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For the past week I have been reading a lot of articles about Green Dot. For those of you who are not familiar with Green Dot, they are a leading provider of pre-paid debit cards. Just recently they announced their new mobile banking account GoBank. This product will focus on mobile wallet capabilities, payments and location based mobile marketing services. They offer custom visa debit cards, mobile deposits, a massive ATM network, online checkbook and person to person money transfers.

An article on Bankinnovation.net goes into more detail about the actual product, and what they expect from it. Here are of some of the innovative features that GoBank offers:

                                                  Fortune Teller (a PFM tool)

ImageP2P Social Payments from Facebook notifications, email or mobile number

ImageOnline Checkbook 

ImageCustom Debit Cards

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Mobile Deposit

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Two really neat features that they also offer are no overdraft fees, and they have a voluntary monthly fee that users can choose to reward or penalize Green Dot based on how they like the product. In the age of online and mobile banking, that is a way they chose to embrace customer relationships with the users.  Their main goal is to reach the “un-banked consumers”.  An article on Fox Business talks about how Green Dot Aims to Take On Banks With Its Mobile-Based Account.  In the article, it explains that “Green Dot is trying to cast a wider net by going after consumers who are dissatisfied with their traditional bank accounts as well as younger, tech-savvy consumers who constantly use mobile phones, thanks largely to social-networking apps.

This new and innovative banking approach seems to be spot on with Generation-Y customers. With social media being integrated into the platform, personal financial management tools, low fees for service and payment capabilities, we could possibly be looking into the future of banking.

I am very interested to see how GoBank is received, and if it is as successful as I believe it has the opportunity to be.  I am sure there will be a lot of mixed feelings about this innovative banking technique. What do you think about GoBank? Is this new way of banking a hit or miss? 

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