Profitability is a challenge for financial institutions serving light volume customers with low balances who have nearly as many customer service concerns as a higher net worth client. US Bank offers its AccelaPay prepaid product to those less well-heeled customers and has wisely added mobile banking features to the program. The mobile capability is from FIS.
Through this innovative combination, AccelaPay cardholders can use their mobile phones, including BlackBerrys and iPhones, to check their account balance, pay bills, receive account alerts and view mini-statements.
The AccelaPay card is a prepaid card that functions as a traditional bank account allowing users to make deposits and pay bills. Research has shown that consumers are more likely to have a mobile phone than a PC. Adding mobile access to their primary financial vehicle will help to create a tighter bond between US Bank and this customer segment.
Read the press release here: