BAI Payments Connect Experts Explain How Banks Can Compete With Mass Market Retailers

BURLINGAME, Calif., March 12, 2013 /PRNewswire/ -- Nexxo Financial Corporation CEO and co-founder David Alvarez told BAI Payments Connect 2013 attendees how retail banks can leverage technology to compete in a rapidly evolving payment system. Alvarez spoke on a panel titled "Who Owns the Retail in Retail Banking?" led by Jane Thompson, Former Founder and Leader of Wal-Mart Financial Services, and now CEO of Jane J. Thompson Financial Services LLC.

"Retailers like Walmart and Kroger are definitely out in front when it comes to offering low-cost convenient mass market products," said Nexxo CEO and co-founder David Alvarez.

"But banks naturally build customer-centric rather than transaction-driven solutions which will allow them to begin to catch up. It's still early and the winners will be those who leverage technology to deliver the best, low-cost, customer-centric and multi-channel experience for the consumers," said Alvarez.

The panel said that major retailers and technology companies are increasingly providing low-cost alternatives for basic banking services. That growth means retail bankers must be more innovative in adding products and services to compete with non-traditional providers.

Nexxo's Everyday Financial Services (EFS) platform enables retail banks, as well as other providers, to expand their alternative financial services. Nexxo's platform, which is proven in self-serve kiosk, teller-assisted desktop, and mobile, gives a consumer-focused experience across those three channels. Consumers register only once, are remembered on return visits and can complete a variety of transactions.

Nexxo captures customers' transaction history in a fully compliant way which allows financial service providers to see a unique portfolio view of their customers and offer personalized promotions. Nexxo's platform is already integrated with bill payment providers and check cashers. That paves the way for financial institutions to expand to new channels quickly and easily.

About Nexxo

Founded in 2003, Nexxo is the leader in self-serve financial solutions. Its Everyday Financial Services Platform (EFS) offers a unified, customer-centric solution that seamlessly handles multiple products (check cashing, money transfer, bill pay, money orders, prepaid card servicing, and phone minute top-ups) and multiple channels (self-serve kiosk, teller-assisted desktop, and via mobile phone). With more than four million transactions and $1 billion processed, Nexxo's technology has been proven at hundreds of field locations. Nexxo offers its turn-key financial solutions and service applications to an expanding network of retail partners, domestic and international banks, and financial service providers. For more information, visit nexxofinancial.com.

SOURCE Nexxo Financial Corporation