SUNRISE BANKS
and they have an ITIN , there ' s nowhere else in the Twin Cities to go ,” Seydel says . “ You ' re coming to Sunrise .”
The challenges of today ' s economy With much of the current debate about fintechs geared towards profitability , Tyler Seydel believes that many of the integration partners they work with will switch from customer acquisition to customer retention . Instead of trying to recruit new users – and paying handsomely for the privilege – fintechs will instead seek to drive brand loyalty from the regular users they already have in their database . Incentivising them to use your product more , or spend more when they ' re on your platform , can be an incredibly powerful way of remaining resilient through a recession .
Banks will also have to adapt . When economic prospects worsen , it becomes more likely that governments will step in and provide assistance programmes for the hardest-hit consumers . This was the case in many countries , including the US , during the
COVID-19 pandemic . “ What we are doing as an institution is aligning ourselves more with government aid disbursements ,” Seydel explains when asked how Sunrise is adapting to the bigger picture .
And as consumers feel the squeeze , their needs are going to change – and that is going to have to be reflected in the products that banks and lenders offer . A combination of recessionary economic forces , inflation , and bleaker job prospects mean that customers will require more small-dollar credit to tie them over between paychecks or welfare checks . It ' s also likely that , while their month-to-month requirements might remain low , some customers will require a greater frequency of credit – perhaps a few times a year , or at key holidays when funds are tight . Sunrise Banks ' fair and low-interest model means it ' s ideally placed to assist customers in those circumstances without deepening customers ' debt position .
“ We are probably going to see a situation where some customers will need to cycle through some debt . They ' re taking out