Unbanked and underbanked individuals have very quickly become the hottest target demographic for banks and fintech firms. Gig workers and small-business owners alike have long been overlooked by traditional banking services, and they continue to have a variety of difficulties getting their fiscal needs met.
That’s exactly the problem that fintech and registered bank Green Dot has been trying to solve with its digital GO2bank platform. Now, with the announcement that Green Dot will be teaming up with data network and payment authentication provider Plaid, GO2bank is about to receive a major technological shot in the arm to help lend aid to the underbanked.
Launched last year, GO2bank has fought to deliver financial services to people with low incomes or poor credit. The platform’s integration with Plaid will enable GO2bank customers to use API token-based open finance services on Plaid Exchange, and it will also provide consumers access to Plaid’s thousands of apps and other offerings.
As Green Dot’s Chief Product Officer Abhijit Chaudhary put it, this partnership with Plaid will enable the firm to enact “real change in the industry by delivering an on-ramp for consumers who can benefit from simple, secure access to digital solutions.”