The Pandemic put the adoption of digital banking services into overdrive – in a matter of days, we mastered the art of transferring, transacting, depositing, and borrowing online, almost always from the comfort of our phones.

Banks got a digital makeover with a spurt of smart innovations.But despite their efforts, there are still gaps between customer expectations and what the banks are offering.

Here are six services banks still don’t have in their treasure trove:

1.        Transferring Money to someone who does not have a Bank Account

You wish – because not everyone in the world earns an income or has a bank account. Look around and you’ll notice that inmost households, there is just one income-earner with a bunch of dependents –spouse, kids, parents, cousins – who might not have bank accounts. But that doesn’t mean they don’t need money to shop and spend.

2.        Sharing of PaymentProducts with your tribe:

Community banking is an age-old tradition. Yet, banks do not have financial products that can be shared seamlessly with family members or friends. Supplementary cards come with a list ofT&Cs, plus no bank will permit more than two or three.

3.        Free and instant remittance:

Everyone agrees that remittance can be painful. Especially when you need to send money home for an emergency. The high transfer fee, fluctuating exchange rates, and processing delays take the joy out of helping friends and family back home. And once the money is sent, you completely lose control over it – with no idea of how it is spent.

4.        Monitor spending on your supplementary card

Have you tried to set a monthly spend limit on the supplementary credit card you gave your teenage son? Not possible. Plus, you’ll have to wait till you get the statement before you find out how he’s been overspending on the card. And is asking the bank to block his card the only way to teach him a lesson?

5.        Credit Sharing

If a friend doesn’t have a credit card but needs one to make a big purchase or in an emergency, can you share your credit card with him? You might even have unused credit on your card but there’s noway you can share it.

6.        Reward Sharing

Now, there’s no need to scratch your head over this one – it simply means that you can share the benefits and rewards on your bank cards with people you love and trust. How cool is that!  So, if your credit card gets you an awesome discount on an electronics store and your friend is planning to buy a phone, you simply share your card with him for his shopping. 😊

Before you break into a stress sweat forgetting the short end of the stick, we have a smart solution – Xare.

With Xare, you can enjoy all the benefits that banks still don’t offer and do much more.

• Xare enables you to share access to your bank cards with your loved ones, instantly and for free.
• Since you don’t share your bank card details, this mode of money transfer is totally secure.
• Xare allows you to set spending limits for the cards you create, approve every transaction, and monitor spending.
• You and your tribe can ‘card pool’ with Xare – so everyone virtually puts their bank cards in a common pool to share the unused credit, as well as the rewards and discounts.
• With Xare, you can give allowances to your kids or shopping money to your staff at home, even if they don’t have a bank account. They get the freedom to shop while you get to control their spending.
• If your work overseas, you can send money home with Xare, to anyone, anywhere, anytime – instantly and for free.
• Xare is the best way for you to manage not just your own money but your family’s finances.

So, it’s time you take matters into your own hands with the Xare app and be the bank for your tribe.

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Download the Xare App for Android or iOS

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Or visit https://www.xare.co/

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