Texas-based startup Viva First is rolling out a new mobile bank for all 52 million Latin American (LATAM) population in the US.
The Latino community is said to be an underserved market with 22% lower adoption rate for checking and savings accounts than non-Latinos.
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Though the mobile bank has been launched primarily for LATAM clients, however, it can be used by any customer.
Each account in the mobile bank comes with a Visa debit card, smart saving recommendations, and more.
The accounts are FDIC-insured up to $250,000 and sponsored by Spur Security Bank in Texas, US.
Viva has also created a public-facing messaging and customer service.
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By GlobalDataViva First chief evangelist Natalia Munoz-Moore said: “The Latino community has largely been banked in the wrong way with misguided practices.
“We are going to deliver a banking solution that truly speaks their language and gives them every account feature they could ever expect.
“Just about every bank has an app, most of which are fairly cookie-cutter. We wanted to architect a better mobile experience than our community- and mega-bank peers.
“When it comes to technology and customer experience, we spent a great deal of time building a better product.”
Viva First’s mobile bank is currently in the alpha phase of testing. The company aims to launch the mobile banking app later this year in select markets.
The mobile bank will be first rolled out to customers in El Paso, San Antonio, and parts of the Rio Grande valley in Texas, US.
Once launched, Viva is planning to roll out more features within the app.
