“ In this industry , everyone is a banker . You must have some kind of a banking background ”
JAMIE DONAHUE CHIEF TECHNOLOGY OFFICER ,
BM TECHNOLOGIES ( BMTX )
Higher education is the perfect example for that . Donahue recalls his own experiences at college , saying he didn ’ t have the benefit of a checking account . If you can engage young adults in their financial future from the moment they go off to college , making a meaningful impact on their college experience , then you are likely to retain them as customers when they graduate . That ’ s one of the things that BMTX is currently focused on , launching a post-student account to bridge the gap between their life on campus and their financial future after graduating . It all stems from the company ’ s vision of making banking simple and reaching unbanked or underserved populations .
Targeting products to students brings a number of regulatory implications . “ The university business in the US is a highly regulated one . The student population ' s a protected class , as they should be . They haven ' t formed their opinions financially . So , rightly , the government has some pretty rigorous protections around that population ,” Donahue says . It creates a challenging business environment that BMTX is required to navigate . But he ’ s clear that , if the company can provide students with the right level of service , it has the power to create a relationship that endures long after they leave college . It must be working : BMTX has an industry-leading NPS score of 68 and Trustpilot score of 4.6 .
The future looks like super-apps Donahue believes that embedded finance and embedded banking will shape the future of fintech and change our perceptions of