Community banks are great. Often times community banks have more 1:1 resources to give to their customers. They can offer education, guidance and products that benefit local businesses, local residents and bolster the local economy.
But what happens when a college student or young adult leaves home for another city?
Well often times they turn to one of the mega banks like Bank of America, Wells Fargo or Chase. There the college student is just another number and they often times have questions that they just can’t get answered by an automated phone system. This is a real problem for college students.
“Students often find themselves incurring fees they don’t understand and can never get a real person to talk with them about it so they pay it and move on” Sisasa co-founder Alejandro Dinsmore told us before GigTank’s demo day on Tuesday. “We hear horror stories from students and their parents on a regular basis”.
What they found though, is that many of these students resort to the mega banks because they have better mobile apps. Bank of America and Wells Fargo have real time banking on their mobile apps. If you deposit $10 into a Bank of America or Wells Fargo branch, you can leave the teller station, check the app and see that $10. Community Banks are often not as up to date, relying on systems implemented years ago trying to sway young people in this digital age.
That’s how Sisasa is solving this problem. By offering a better mobile banking app for community banks they can help the bank attract or retain this important customer. If a young person has a good experience with a community bank they are more likely to stay with that bank as they continue to grow. That community bank could finance their first car or that first house, but in an internet 2.0 (almost 3.0) age, and in the age of mobile, without that technology the community bank is dead in the water.
Sisasa, who’s team hails from Michigan, Boston and everywhere else, developed their current product at the GigTank in Chattanooga. Dinsmore tells us that they blew up their original idea after their first meeting with their lead mentor. After pivoting that mentor’s company is now one of their beta customers.
Sisasa private labels their mobile banking app for community bank, giving those local community banks features comparable and at times even better than their mega bank counterparts.
We got a chance to talk with Dinsmore just minutes before their GigTank pitch. Check out our interview below.