Agora Services, the challenger bank technology platform for financial institutions, plans to tackle two challenges faced by community banks and credit unions by becoming the first technology provider to offer them a white label integrated digital bank solution to address the teen and small and medium-sized business (SMB) market without any core integration.
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.@AgoraservicesNY to Offer Fully White Label Teen & SMB Digital Banking Solutions for Community Financial Institutions
To provide community banks and credit unions the ability to compete head-to-head against larger institutions, Agora has launched Agora Junior and Agora SMB, two white label digital bank products that any financial institution can deploy within a month. These digital banking apps provide a user experience above the standards and features offered by challenger banks.
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The SMB market of roughly $370 billion needs the advanced technologies and services that Agora Services provides. Teens have become a rising addressable demographic as they become a primary target for digital banking, according to a recent survey and study. Teens also are less likely to join the banks of their parents because they are looking for more convenient and accessible products, which Agora Services has incorporated into its arsenal.
Challenger banks, like Greenlight, Gohenry, Venmo, Azlo, Intuit, Kabbage, N26, and Revolut, are rushing in these segments, and national banks are expected to enter the market by early 2021.
The Agora Junior app allows either parent of a teen to control their children accounts. Teens also have access to unlimited pockets accounts (sub accounts), plastic and virtual cards, perks, and money pools, group funds and much more.
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