Beam

Today, the banking arena is witnessing steep advancements with the influx of digitization. As a result, the market has become competitive with banks in a flurry to acquire more customers, especially deposit account holders. Additionally, the shift in demographic structure and millennial inundation towards banking has given tremendous opportunities for software enterprises to render banking experiences more seamless and intuitive, which ultimately translates to customer referrals and retention. This trend has given Beam, a leading software developer based out of California, a significant opportunity to augment banking services with its value-bound innovations.

“We provide a bolt-on, software-as-a-service, referral-based mobile banking solution to banks looking to build and differentiate on their consumer core deposit franchise with a mission to inspire justice and simplicity in banking,” says Aaron Du, CEO of Beam. Customer acquisition being the core focus, banks can leverage the value proposition of Beam’s solution to drive customer referrals, and eventually acquire depositors. Unlike its competitors, Beam offers lower costs for customer acquisition. While banks spend around $443 on acquisition processes per customer, Beam can accomplish the same with $2 enabling its partner banks to make huge savings. While many of the financial entities’ service delivery costs amount to around $252 per year for a deposit account, Beam focuses on reducing it drastically by leveraging a great deal of streamlined, user-friendly process automation.

Consumers can reap the benefits of Beam's banking software solution with a few taps on their Beam App which is offered as a high-earning, supplementary bank account. Users also have the liberty to use Beam as their primary account.

We provide a bolt-on, software-as-a-service, referral-based mobile banking solution to banks looking to build and differentiate on their consumer core deposit franchise with a mission to inspire justice and simplicity in banking

Technically, the company holds customers’ funds in a Demand Deposit Account (DDA) and ensures security by utilizing the operational platform of an FDIC-insured bank. Beam takes the safety of users money seriously, and its mobile app offers commercially reasonable bank-level security standards. Beam's encrypted platform prevents unwanted cyber-security risks.

With Beam, users can earn higher rates of interest that range from 2 to 4 percent. Beam reroutes around common expenses faced by traditional brick and mortar banks such as excessive executive bonuses, employee perks, fat billboard advertising budgets, and costs related to building physical branch locations which enables them to account more towards customer profits. On top of that, the company offers Billie, reward tokens that allow the users to increase their earnings through daily rebates. The offering's customizable, user-friendly features have enabled Beam to increase their customer outreach. Beam pays additional focus on customer services such as real-time access and text alerts which allows both users and banks to save resources in tracking their accounts.

Years-long experience in the financial landscape has positioned Du to lead Beam towards success, and today, several banks are showing interest in partnering with the company. It is appreciable that around 40 percent of Beam's users refer the app to others. Additionally and interestingly, more than 60 percent of the users are accessing the platform on a daily basis; indicative of a high engagement factor.

Envisioning an innovative future, Beam is piloting with one of the banks in the country in an endeavour to analyzing demand curve in the market. The company is simultaneously holding discussions with various banks to expand their market reach further. There are also plans to add capabilities to the offerings that enable its customization according to the requirements of banks and users.