BURLINGAME, CA--(Marketwire - Oct 24, 2012) - Nexxo Financial Corporation CEO David Alvarez shared insights on the evolution of financial service delivery at Money2020 Expo in Las Vegas yesterday. Alvarez spoke on a panel with Green Dot CEO Steve Streit and U.S. Bank Vice President David Smith where they discussed how mass retailers can meet the changing needs of mainstream consumers. They said winning strategies include more robust self-serve options, reducing basic transaction costs through innovative technology, and improving customer service.
"I believe innovation will come from companies serving the bottom half of the socio-economic spectrum... the underbanked and unbanked. It's an extremely large market and there is a need for a better model to cost effectively, and profitably address the market needs. Nexxo's self-service and teller assisted everyday financial services platform helps Banks and retailers generate revenue and deliver services at lower cost...," said Alvarez.
"Given the fee compression programs like Chase Liquid and Amex Bluebird are creating, self-serve technology -- including self-serve kiosk technology -- is essential to cost effectively delivering these services and maintaining profitability," added Alvarez.
Jane Thompson, recently retired from running Wal-Mart Stores Inc. financial services unit, moderated the panel at Money2020. Thompson is a proponent of developing affordable financial products for the underserved.
"One of the impressive things about Nexxo is that they can offer the same services in a small kiosk that Walmart Money Centers offer in 600 plus square feet," said Thompson.
"Banks should look closely at the Nexxo solution for a lower cost model. It can cost millions of dollars to build a branch. Nexxo can offer most of the same services that the underbanked need at a small fraction of the cost," added Thompson.
At Money2020, Nexxo demoed its K3000 which is the only self-serve kiosk offering a full suite of everyday financial services. At the user-friendly screen, consumers quickly and easily complete multiple transactions including: cash checks, buy money orders, load prepaid cards, pay bills, send money, top up phone minutes, and withdraw cash. If consumers want help, they can call for live customer care from the kiosk phone.
Nexxo's technology captures consumers' profiles and transaction history enabling retailers the unique ability to build loyalty and form valuable relationships. Thanks to this portfolio view of the self-serve consumer, providers can target promotions and pricing to expand usage of the full suite of transactions. Nexxo's data shows this personalized approach is successful -- after consumers visit the kiosks a couple of times, they return more frequently and try new services.
Self-serve technology allows mass retailers to offer the "branch of the future" where consumers process their own basic transactions and tellers help when they're really needed. This model lowers processing costs and reduces risk for basic transactions such as check cashing and money handling. Most importantly, it frees time for tellers and representatives to spend on what they do best -- provide customer service.
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.