NCSEA Connections Child Support Products & Services Guide 2023
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Improving Financial Health for Cardholders Through<br />
Education, Gamification, and Rewards<br />
In 2021, SMI acquired<br />
PayPerks®, an award-winning<br />
educational platform that uses<br />
interactive online games and<br />
cash rewards to enhance<br />
financial literacy.<br />
PayPerks is available exclusively<br />
through the smiONE Card,<br />
which proudly serves two<br />
million cardholders across the<br />
country.<br />
SMI recently partnered with<br />
Visa® Consulting & Analytics to<br />
conduct a research study into<br />
smiONE cardholders and the<br />
likelihood of them adopting<br />
PayPerks.<br />
Half of smiONE cardholders are “underbanked,” i.e.,<br />
frequent users of non-traditional banking services such<br />
as paying fees to cash a check, taking out a payday loan,<br />
or buying pre-paid debit cards.<br />
4 in 5 have a checking account, about half have a savings<br />
account and/or credit card:<br />
Most are employed with a median income of $38,000.<br />
36% say they are unable or barely able to make ends<br />
meet; few have enough savings to withstand a financial<br />
emergency:<br />
Checking<br />
Account<br />
82%<br />
Savings<br />
Account<br />
Credit<br />
Card<br />
53% 51%<br />
Mortgage/<br />
Home Loan<br />
Personal<br />
Invest<br />
Acct<br />
Not able to meet day-to-day<br />
expenses<br />
10% 10%<br />
18%<br />
12%<br />
Barely able to meet day-to-day<br />
expenses<br />
26% 26%<br />
Meet expenses, not prepared<br />
for a large, unexpected cost<br />
Comfortable savings, not yet<br />
investing for the future<br />
Investing for future, on track<br />
for long-term financial goals<br />
47% 47%<br />
11% 11%<br />
6% 6%<br />
Nearly all use smiONE on a regular basis, most often for<br />
everyday purchases.<br />
4 in 5 users are satisfied or very satisfied with their<br />
smiONE Card.<br />
Moreover,<br />
cardholders –<br />
especially the<br />
Underbanked –<br />
have favorable<br />
opinions of SMI.<br />
% agreement<br />
Provides very good<br />
customer service<br />
Is a brand I trust<br />
Wants customers to<br />
meet financial goals<br />
Understands my/my<br />
family’s needs<br />
Is a credible source of<br />
financial advice<br />
• Total<br />
49<br />
52<br />
51<br />
61<br />
53<br />
• Underbanked<br />
65<br />
57<br />
58<br />
66<br />
70<br />
FINANCIAL GOALS<br />
Top financial goals are the necessities: covering<br />
expenses, establishing an emergency fund, not<br />
having to worry about money every day.<br />
Secondary goals are the basics: improving credit<br />
score, saving money.<br />
Higher-order goals like paying off debt and investing<br />
are further out on the horizon.<br />
PayPerks is considered relevant and a good fit with the<br />
smiONE Card; most are open to enrollment.<br />
3 in 4 say<br />
they would<br />
use their SMI<br />
Card more<br />
often if it were<br />
to offer<br />
financial<br />
education<br />
along with<br />
savings and<br />
budgeting<br />
tools through<br />
PayPerks.<br />
Expectations<br />
for PayPerks<br />
are high:<br />
% agree/strongly agree PayPerks…<br />
Would provide info relevant to<br />
my needs<br />
Would be a fun way to<br />
manage finances<br />
Would make it easier to save<br />
Would help me meet financial<br />
goals<br />
Would help me manage my<br />
finances better<br />
Would help improve my<br />
overall financial situation<br />
62<br />
58<br />
55<br />
53<br />
52<br />
51
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