English
BANKON AND THE IMPORTANCE OF FINANCIAL INCLUSION

BankOn and the Importance of Financial Inclusion

October 21, 2021

The challenge, according to the Bank On website is that “research from the Federal Deposit Insurance Corporation shows that there are many reasons consumers lack a basic transaction account: not enough money for the minimum balance; distrust of financial institutions; high or unpredictable fees; or identification, credit or banking history problems. Many Americans are driven to use expensive alternative financial services, including check cashers, payday lenders, and pawn shops that charge high fees for financial services that fail to help people get ahead. Without a checking account, families wind up paying too much for basic financial transactions and are hard pressed to build savings and assets.”

Bank On is looking to address this challenge by developing the Bank On National Account standards to provide local programs with a benchmark for account partnerships with financial institutions. 

Here at Technisys we believe in financial inclusion, and as a Core banking platform provider, are proud to have committed to making it easier for our bank customers to offer the highly affordable accounts that meet the Bank On National Account Standards

Technisys and our next gen core and digital banking platform can enable banks and credit unions to create and offer Bank On certified accounts with features that meet the national standards including:

  • Online account opening and deposits

  • Remittances (International wire)

  • Linked saving accounts

  • Bill pay

  • Online banking, mobile banking, banking alerts

  • Credit-building product offerings  

Cyberbank gives banks looking to offer Bank On certified accounts the ability to change product definitions according to the behaviors of different customer segments. That enables banks to easily build and provide underserved customers with a wide range of personalized digital banking products with no platform constraints and without running into excessive cost structures. 

June 4, 2025

The Key Challenges of Co-Branded Debit that Brands Must Solve

Launching a co-branded debit card? Learn the hidden complexities, regulatory challenges and resource demands to maximize ROI and customer loyalty.

See More
June 3, 2025

How Next-Gen Secured Credit Expands Financial Access for the Underbanked

Learn how innovative secured credit solutions with dynamic funding expand financial access for underbanked Americans.

See More
June 2, 2025

5 Ways CTOs Can Use Virtual Assistants to Drive Innovation

How CTOs can leverage AI chatbots to modernize banking, cut costs and enhance customer experiences.

See More
May 29, 2025

What Are the Top 10 Programming Languages in Banking Technology?

Discover the 10 essential programming languages powering modern banking systems and how they’re shaping financial services technology.

See More
May 28, 2025

Why Galileo Leads the Digital Issuance Industry in 2025

Discover why Galileo was named Best in Class in Javelin’s 2025 Digital Issuance Provider Scorecard. See how its secure, flexible platform outperformed top competitors across 25 key criteria.

See More