A group of socially-minded entrepreneurs today unveiled GlobeOne, a new technology company that will partner with financial institutions to give underserved and unbanked millennial populations access to banking products to empower their financial lives.
The Global Financial Development Report 2014 indicates that 2.5 billion people (more than one-third of the world's adult population) do not have a bank account or access to a financial institutions due to barriers such as not having enough money, or being in locations inaccessible to banks. According to the report, "access to financial services has a critical role in reducing extreme poverty, boosting shared prosperity, and supporting inclusive and sustainable development".
GlobeOne, to be launched in early 2015, has the powerful mission to transform global financial inequality by giving consumers access to tools and resources to control their financial future. By partnering with financial institutions, GlobeOne will provide a mobile-based front-end solution to give consumers a holistic range of banking products for a monthly fee of $9.95 - including a checking account with no minimum balance, a security account with a line of credit, that allows members to save in and borrow, and unlimited, instant international and domestic money transfers at no additional cost.
"GlobeOne's vision comes through the basic belief that every human being has a natural-born right to control his or her own financial future. We are aiming to dramatically change the financial services landscape for the better of all communities," said Michael Wolper, Chief Marketing Officer at GlobeOne.
"Mobile-based platforms and the development of new technologies have the power to make mobile banking safer, simpler and immediate which enables financial services to be delivered at a lower cost. This is giving us the opportunity to service a more diverse demographic including those who haven't had access to banking services before due to their economic circumstances or geographical location."
Consumers can become a GlobeOne member by signing up online using their mobile device. The patent-pending platform will perform important identification checks and authorizations tzations to enable consumers to gain access to services designed specifically for GlobeOne members.
A key objective of GlobeOne is to build a global community of members that receive mutual benefits. When a member signs up for a GlobeOne account, they get access to the unique patent pending SocialBoost program that helps build income and savings for the members themselves. By inviting others to join GlobeOne they can instantly begin enjoying the SocialBoost program benefits. When their invited friends and family join the community, the members earn money—potentially for life. GlobeOne's bank network gives back a total of almost 50% of the interest charges paid into the members account every month. Member banks get a new source of profitable customers, reinvest in their economic communities, and expand their consumer base. GlobeOne members can have financial security today, build savings for tomorrow, and receive income every month—for as long as they are members.