Walgreens introduced this week it should launch a brand new checking account providing. The pharmacy chain, in partnership with InComm, is launching a Mastercard debit card to pair with each a cell banking app and in-person service.
Right here are some things to know in regards to the new accounts:
Obtainable each on cell and in-person
Not like most digital banks which have launched lately to problem incumbent banks, Walgreens’ new account will serve customers in individual. By the second half of this yr, the financial institution plans to serve its consumer base at almost 9,000 shops. As of now, there is no such thing as a phrase on what particular providers can be obtainable in-store vs. on-line however it’s clear that account onboarding can be obtainable via each channels.
This differentiating issue locations the “Financial institution of Walgreens” at a big benefit for 2 main causes. First, 78% of People reside inside 5 miles of a Walgreens or Duane Reade retailer. That makes for simple entry, particularly in rural communities the place banks are closing their doorways however money utilization continues to be prevalent. Second, due to the foot site visitors into its shops, Walgreens has a built-in potential consumer base to whom it could actually freely promote.
Along with in-person providers, customers will even have the choice to handle their account in a cell app. Walgreens has tapped InComm’s banking-as-a-service platform to create a contemporary digital expertise.
Geared towards an older viewers
As a result of the aged inhabitants tends to want prescription refills regularly, they have an inclination to go to pharmacies extra typically. Given the demographic of this foot site visitors, mixed with the truth that 20% of Walgreens’ app customers are 55 years of age and older*, Walgreens will seemingly goal a extra senior viewers as banking purchasers.
The goal market will really differentiate Walgreens’ financial institution accounts from the myriad of digital banks which have launched prior to now few years, lots of which goal Era Z.
Tied into Walgreens’ present rewards program
Launched final November, the myWalgreens buyer loyalty program gives customers 1% in-store credit score in return for each greenback they spend on typical objects and 5% in-store credit score for each greenback spent on Walgreens branded merchandise. Walgreens’ new debit card will allow customers to extra seamlessly earn and spend these rewards.
*in response to a 2017 examine.