In 2020, it was estimated that more than 40 million people living in the US were born in another country. This means that our immigrant population is undeniably huge, and so is their role in keeping this country running. But despite technological advancements, the influx of immigrants, and the growing need for connectivity, there are very few banking and finance platforms dedicated to their needs.
How MAJORITY decided to step up for minorities
We had a chance to sit down with the Head of New Markets & Operations Florida at MAJORITY, Jonas Lörnell, who has been with the company since its inception. Having worked with MAJORITY's previous parent company, Rebtel, Lörnell, along with the company, decided to venture toward the banking side and address the gap there.
Founded based on supporting immigrant minorities living away from home, MAJORITY holds a disruptive presence in the market at the moment. The company aims to make services such as banking, communication, international money transfers, and mobile top-ups more accessible for immigrants worldwide, offering a standard monthly subscription and the lowest possible price for each service.
The company is factoring in the many struggles and challenges, from cost to cultural barriers that immigrant communities face when working with more mainstream banks in the US.
Bridging the gap by making finance and banking accessible
Lörnell, in talking about the challenges faced by these communities and helping people, also gives us an insight into what MAJORITY truly stands for, providing the necessary financial and communication tools needed for immigrants to thrive in their new country. It's very difficult for immigrants, many of whom are struggling to make ends meet, often struggle to set aside monthly direct deposits to their banks, facing bank account fees and other fees such as overdrafts. These fees add up to a lot, in addition to a hefty charge of around 7% for international money transfers.
MAJORITY stands to represent all the growing immigrant population across the US, with physical offices in Texas, Georgia, and Florida and accessibility across the US. Offering them a single app with multi-lingual interactions, this mobile banking app provides key services for needs that have been identified within various communities. It's truly unique and works to bridge a cultural and monetary barrier to financial services in the US.
It empowers them to send money back home to their families, stay connected with them, and all without having to spend their hard-earned money on fees and bank charges.
Working at the grassroots to uplift and represent communities
Like other mainstream banks, the bank is protected by the FDIC, but their services remain more tailor-made to their customers, allowing them to continue using one or both banks' services.
However, in their deep understanding of the communities they aim to serve, they also factor in the stores, interests, and preferences of their target demographic, giving them cashback rewards and campaign offerings that are relevant to their target groups.
Although they operate as a digital bank, MAJORITY also offers both phone and in-person customer support, helping customers with issues and struggles that they've experienced. They've learned the importance of building trust and developing closeness to their target communities, consistently reflected in their marketing strategy.
Their go-to marketing strategy is heavily physical, through direct sales representatives helping the customers to onboard the service at points of sales in and outside supermarkets, and other onboarding methods. It's an interesting, multi-faceted approach that aims to give back to communities by hiring sales reps from within these communities too.
MAJORITY works hard to be representative, inclusive, and accessible—and they have a lot of promising new features, functions, and goals that we at CalleOcho News are excited to see!