One of the greatest obstacles to a new life as an immigrant in the United States is getting credit. This hardship can be encountered in a variety of settings such as opening a bank account, buying a house, getting a car, applying for a credit card, buying major appliances, securing insurance, making international telephone calls, and even travelling on vacations. It is an unseen burden afflicting many immigrants but not really touching many other Americans. It is especially a burden for undocumented immigrants, some 11 million, who do not have a social security number, a key requirement to access credit. Fortunately, however, that burden is being lifted off the shoulders of at least some immigrants by a new service being offered by MAJORITY, a leader in mobile banking for migrants.
No Social Security Number – No Problem
While many banks in the U.S. do not require a social security number to register or open a bank account, in the absence of a social security number they require an Individual Taxpayer Identification Number (something hard to get), a green card, a visa, a passport or other type of U.S. government-issued ID as well as an in-person appointment. MAJORITY can offer members without a social security number the ability to register and start a membership completely virtually, requiring only an international government-issued ID from any country along with proof of a U.S. address (e.g. a utility bill), which creates the possibility for millions of migrants in America to access critical and often life-changing financial services.
Banking For Five Dollars A Month
Founded in 2019, MAJORITY is the first mobile banking service dedicated to serving migrants. According to the company, for $5 a month, MAJORITY members in the U.S. receive an FDIC insured account, Visa® debit card with cashback and community discounts, use of more than 55,000 ATMs across North America, no-fee remittances and at-cost international calling, in-person native language advisors, access to their network of community meet-up spaces, local discounts and events, and the ability to send mobile credits to loved ones back home. MAJORITY indicates it does not charge overdraft fees or have minimum balance requirements.
Diversity The Key
Recognizing that a one-size-fits all approach cannot be applied to the diverse and unique migrant communities, MAJORITY says it has tailored its offering to each specific community and that it has hired local advisors to onboard and support each community in its native language. In addition, the company indicates members can access additional high-touch assistance and foster their sense of belonging through the company’s local meet-up spaces, events, and library of community-driven informational resources.
Analysis: I find this article about MAJORITY’s banking services for migrants to be incredibly inspiring. They are revolutionizing the banking industry, making it more equitable and easier for immigrants to access credit in support of a brighter future. I am impressed by their business plan, especially their ability to recognize that a one-size-fits all approach will not prosper in this industry. Supporting immigrant communities by helping them gain financial literacy and speaking in their native language shows customers how valued they are. I believe this focus on user experience is a key example of using empathy to inspire design. It is prioritizing questioning why problems exist in the first place and understanding what can be done differently to disrupt banking norms. It creates conversation for other banks to have about their inclusivity and accessibility, causing them to question and change their own policies. In order to convince banks to make these revolutionary changes, we will need an impressive amount of research and insights that support designing for social good.
Citation:
Semotiuk, A. J. (2022, April 21). New Banking Service offered to immigrants without access to
credit. Forbes. https://www.forbes.com/sites/andyjsemotiuk/2021/12/13/new-banking-
service-offered-to-immigrants-without-access-to-credit/?sh=12fd002c5d43
