Louisiana's Fidelity Bank Launches Digital Shingle ANDI for Underbanked

Published on April 11, 2024

Louisiana's Fidelity Bank launched a stand-alone digital bank called ANDI to reach the underbanked, which the FDIC estimated to make up 8.1% of consumers in the state versus 4.5% nationwide, and compared to 11.1% in neighboring Mississippi.

Why it matters: ANDI stands for “A New Day In Banking,” which Chris Ferris, President & CEO at Fidelity Bank, said, could gain market share by replacing brick-and-mortar banks that are closing. Ferris said that "with many communities experiencing bank consolidations and closures, ANDI aims to fill the void and provide access to digital banking services. Our goal is to empower customers to bank anytime, anywhere, and simplify their financial lives."

Be smart: On the new site, the bank has worked to refine the tone to speak to this underserved audience. The homepage features the quote: "Smart banking isn’t just for the elite few. It’s for the rest of us, too. Here’s to fresh starts."

Established in 1908, Fidelity Bank set out to serve those in Louisiana by remaining client focused, community minded, financially stable and operationally sound. Fidelity is targeting students and the underserved with ANDI, providing different ways to help their customers save, grow deposits, and increase their financial literacy.

Driving the news: The software was built by Helix by Q2 on its award-winning Banking-as-a-Service platform — which offers accounts, cards, payments, data and controls, admin tools, and monetization solutions — to embed personalized financial experiences that easily integrate and scale. Q2 (NYSE: QTWO) is a leading provider of fintech solutions is headquartered in Austin, Texas.

 

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