This has the potential to change the affinity online banking world in a major way.
What is Affinity Online Banking?
Affinity online banking is banking that is geared toward a specific type of customer instead of the general public. Brick and mortar credit unions have long used this strategy by being chartered by teachers, firefighters or military personnel. But unlike credit unions—which are often only open to a particular qualified membership base—affinity online banking is usually open to the general public but is marketed with a specific group or angle in mind. For instance, SFGI Direct, an online-only bank that only offers high-yield FDIC insurance-backed savings accounts specifically markets itself to people who are looking for an easy and reliable way to save that will pay them some money in interest. The people who deposit in these accounts aren’t folks who want a full bank experience, they just want a reliable and safe way to save.
