![]() ![]() ![]() Financial health and performance tools.Developing relationships with physical locations like retailers may be a required capability for any provider of financial services to new recruits. Deployed military members often don’t have the ability to go directly to financial institutions to deposit cash and checks. ![]() What if they’re late on a loan payment or utilities payment in that period? How will Roger (on any military bank, for that matter) alert them to the situation? Although family members with access to military members’ accounts may be the cause of some fraudulent activity, relying on family members to take care of service members’ financial lives may still be a necessity. Castilla notes that new service members are often without their cellphones for periods of time. On the product feature front, its initial feature set may help Roger attract new service members, but over the long-term, the bank will need to build out: Castilla explains, “recruiters can notify new recruits of Roger and have them sign up immediately and make it a part of their checklist for onboarding a new recruit.” On the marketing front, Roger plans to rely on a differentiating member recruitment strategy: working directly with military recruiters. That may be true, but Roger’s long-term success will depend on two key elements of its strategy: 1) marketing execution, and 2) product feature development. Their focus has not been on the entry level soldier.” When asked that question, Castilla countered, “Where are they? Soldiers from the Air Force, Marines, Navy, and Army are showing up at basic training without a bank account. Why is this niche segment an opportunity for Roger with the likes of USAA and Navy Federal Credit Union dominating the military market? Offered through AMBA-affiliated banks, the account offers cash-back rewards, card controls, early access to government benefits and paychecks, and the ability to deposit money via direct deposit, bank transfers, and Visa ® ReadyLink locations. ![]() The Association of Military Banks of America lists more than 75 institutions in the US serving armed forces members and veterans, and itself offers the PATRIOT Card, a debit card built by fintech MOCA. Roger isn’t alone in serving new service members. Roger military bank Source: Roger Competing for New Military Recruits ![]()
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