Niche Market Banks

Tribe introduced www.niche-banking.com in 2011, meant to be offer “banking experiences for niche communities.” These banks are online only, very specifically targeted. Is this really a way to “make financial services more relevant to customers?”

The first niche bank launched was Wag, meant for dog lovers. The website is not yet a functioning bank, but it intends to progress (from its current state, a kind of online personal-finance-for-dog-people publication) to offering bank services to a membership group with a target of 1,500 members.

Tribed plans to develop dozens of its highly targeted front end banking experiences, managing each one separately with a team of people who are part of that niche community. In other words, Wag will not only exclusively serve fanatical dog lovers, it will also exclusively employ fanatical dog lovers.

Tribed will manage every member-facing aspect of the banks, and will outsource banking operations—from transaction processing to compliance—to a white-labeled FDIC-insured bank as a supplier.

via Tribed, “Company introduces ‘Wag, the bank for dog fanatics.'” 17 October 2011.

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