Green Dot's recovery may rest on the popularity of its Unlimited account and other new products:
for Q2, revealing that it saw a year-over-year loss of around 500,000 active prepaid accounts due to lower unit sales of prepared products, although this was offset by an increase in active banking-as-a-service accounts of approximately 240,000, CFO Mark Shifke said in an earningsHowever, the bank also saw overall spend volume rise 2% annually despite the lower account total — a fact it takes as progress toward drawing a more committed customer base, Green Dot Founder, President, CEO, and...
Green Dot believes stiffer competition from neobanks is hurting its customer acquisition attempts. Streit said he believes that aggregate marketing spend from many competitiors is taking a toll on its new customer acquisition. It is worth noting that Green Dot's $7.95 monthly fee is a contrast to many neobanks' free accounts, which could draw customers looking to experiment. Furthermore, the neobank threat will only become more prominent as new neobanks launch or come to the US from abroad: German neobank N26, for example, justaccount and other new products.
Green Dot's new account went live at the end of July. It carries several benefits, including a savings account with a 3% annual interest rate, 3% cash back on debit card purchases made online or in-app, and mobile phone camera check deposit, among other features. Green Dot is also planning other new account types for the future, such as a mobile bank account aimed at younger consumers like Gen Zers, which the bank expects to help boost account numbers in 2020.
While Unlimited was designed to be the best value available for customers, its interest rate makes it a double-edged sword for Green Dot. The 3% cashback on Unlimited debit card purchases and 3% annual interest on savings are best-in-class: The 3% interest on savings, for example, is a whopping 30 times the nationalof .1%.
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