Nexxo Financial Corporation CEO Shares Innovative Ideas for Mass
Retailers on the Future of Financial Service Delivery at Money2020
Alternative Financial Service Experts Say Successful Retailers Are
Focusing on Customer Service and Self-Serve Kiosks
BURLINGAME, CA -- (Marketwire) -- 10/24/12 -- 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
"One of the impressive things about Nexxo is that they can offer the
same services in a small kiosk that I offered in Walmart Money
Centers 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
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
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.
Chief Marketing Officer
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