. And while the nature of each of the companies Green Dot works with varies widely, all of them fit the bank holding company's high-level strategy of focusing on serving businesses that have sizable customer bases , as opposed to smaller startups looking to offer banking services.
Welcome Technologies fits this bill, with approximately 2 million active members on its SABEResPODER platform. Providing the backbone for the banking functions offered by such huge companies puts Green Dot in a strong position of stability during the coronavirus pandemic and likely provides a revenue stream that can withstand an economic downturn due to the multiyear nature of Green Dot's partnerships.
What remains to be seen is how successful the new account created in partnership with Welcome Technologies will be, as it faces some serious competition. Only 44% of immigrant respondents to a Welcome Technologies survey said they use credit cards, and just over half say they use savings accounts, suggesting there is ample opportunity in offering banking services to this population.
The more players that aim to serve the immigrant demographic, the harder it will be for any one provider to take significant market share, and only the providers that can differentiate themselves — for example through an exemplary digital banking experience or perks like a high APY on savings — will survive in the long run.Business Insider Intelligence analyzes the banking industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more.
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