POCKET BY PNC BANK
Though many banks will issue non-U.S. citizens a legitimate taxpayer number to create an account with proof of foreign ID, undocumented immigrants tend to resist opening an account in fear of bringing their alien status to light. Instead, they store cash in their home, which increases the possibility of both theft and violence. We need an introductory service to abate this fear.
Evolve traditional finance for undocumented immigrants in New York City
Allow undocumented immigrants to exchange cash for a Pocket by PNC Bank secured debit card at any local bodega. Once scanned, this card will connect with the Pocket app without requiring a formal bank account.
Users who utilize and become comfortable with the Pocket banking system are now one step closer to opening a regular PNC Bank account.
In addition, we made this foolproof by addressing users from different socioeconomic backgrounds.
DEFINING A DIRECTION
NEEDS OF USER
- Stay safe from government deportation
- Store money safely
- Build credit
WHY PNC BANK
- Most physical locations of a regional bank
- Allows bank account openings with only a taxpayer number
- Brand is dedicated to diversity and financial education initiatives
WHY CREDIT IS IMPORTANT
- Amnesty initiatives/validate time in the U.S.
- Loans (car, house, appliance)
- Obtain lower interest rates
POCKET BY PNC GOALS
- Dispel banking myths for undocumented immigrants
- Spread awareness about financial rights
- Introduce PNC Bank as an educator of financial well-being
Providing a safe platform to save and grow finances.
HOW IT WORKS
2. Exchange cash for prepaid secure debit card
3. Register card through SMS texting or the Pocket app
4. Create a pin number
5. Login to check balance and transaction history
6. Use the Pocket card to make safe and secure purchases
MADE FOR EVERYONE
According to Pew, 80% of Latino adults access the internet from a mobile device (compared to Whites, 76%, and Blacks, 77%) in 2015.
With SMS text commands, Pocket can be used from any type of phone.
OPPORTUNITY FOR PNC BANK
Pocket would grow PNC Bank's accounts and network through the undercapitalized undocumented immigrant population. More accounts means more revenue for PNC Bank.
Gather data on undocumented immigrants and cater future services towards this sect of the population.
OPPORTUNITY FOR LOCAL BUSINESSES
Being a vendor will garner more foot traffic in their store.
Local bodegas and similar convenience stores will have stickers indicating they're a vendor for Pocket cards.