Customers Bank Raisin Business Model and Banking Services

Customers Bank offers a range of banking services, including personal and business checking and savings accounts, as well as CDs, IRAs, and mortgages.

Their business model focuses on community banking, with a strong emphasis on customer service and local involvement.

With over 70 branches in the Mid-Atlantic region, Customers Bank provides convenient access to banking services for its customers.

Their online banking platform allows customers to manage their accounts, pay bills, and transfer funds securely and easily.

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Raisins are dried grapes, typically made from Thompson Seedless grapes, which are naturally sweet and have a high water content.

They can be found in various forms, including golden, dark, and green raisins, each with its own unique flavor and texture.

Raisins are a good source of fiber, copper, and potassium, making them a nutritious snack option.

Eating raisins can help lower cholesterol levels and support digestive health.

Raisins are often used in baking, cooking, and as a topping for oatmeal, yogurt, or salads.

Customers Bank's high yield savings account, offered exclusively through the Raisin Platform, boasts a competitive APY of 4.01%, which is over 20x higher than the national average.

This account requires a minimum balance of just $1 to open, a far cry from some other savings accounts that can charge up to $5,000 or more to open an account.

With Customers Bank, you can enjoy $0 monthly maintenance fees and unlimited withdrawals, giving you complete flexibility and peace of mind.

The account is also federally insured by the FDIC, covering you for up to $250,000 per depositor in the event of a bank failure, and up to $500,000 for joint accounts.

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Raisin is a leading financial technology company connecting savers and banks within the European Union. Founded in 2012 in Berlin, Raisin offers a premier platform for consumers to access high-yield savings products from banks across Europe.

The company's mission is to improve financial choices for consumers by providing them with simple, transparent access to better saving opportunities. This is achieved through a carefully curated selection of deposit products, including fixed-term deposits and overnight deposits.

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Raisin operates by partnering with a wide array of banks to feature their savings products on the platform, acting as an intermediary between banks seeking deposits and consumers seeking better interest rates. This model not only diversifies funding sources for partner banks but also democratizes access to cross-border financial products for consumers.

Raisin takes care of the heavy lifting by handling the regulatory and operational complexities associated with cross-border banking, thus simplifying the process for both banks and savers. This effective ecosystem has bolstered Raisin's reputation as a trusted financial marketplace.

Raisin's revenue model is predominantly commission-based, earning revenue primarily through commissions from partner banks for each deposit placed through its platform. These fees are typically calculated as a percentage of the total deposit amount or based on the interest rate spread.

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The Customers Bank high yield savings account is a rare offer with a competitive APY of 4.01%, substantially higher than most brick-and-mortar banks and even most online banks.

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This account offers a low minimum balance requirement of just $1 to open, a much lower threshold than some other savings accounts that can charge up to $5,000 or more to open an account.

With no monthly maintenance fees and unlimited withdrawals, this account is a great option for those who want to save without worrying about extra charges.

Customers Bank is federally insured by the FDIC, covering you for up to $250,000 per depositor in the event of a bank failure, providing peace of mind and protection for your savings.

Customers Bank is ranked in the top 5% of all banks in America by total assets and consistently ranked as one of the best banks in America by Forbes.

The Raisin platform, which offers this high yield savings account, provides a secure and streamlined way to access and manage your account, with 24/7 online access to your funds.

By using the Raisin platform, you can enjoy exclusive access to a special selection of Customers Bank products, including this high APY savings account, with flexible terms and competitive interest rates.

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Customers bank raisin is all about creating a positive experience for customers. This means understanding their needs and expectations.

A key aspect of customer experience is building trust. According to a study, 80% of customers say they are more likely to do business with a company that has a reputation for being trustworthy.

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Raisin, a leading pan-European wealth management platform, has partnered with MapleMark Bank to bring innovative term deposits to the US market.

This partnership marks a significant milestone for Raisin, which has been expanding its presence in the US since 2019.

By integrating Raisin's Savings-as-a-Service software, MapleMark Bank becomes the first US partner bank to offer clients unique term deposits that can be personalized to individual client needs.

Raisin's CEO, Dr. Tamaz Georgadze, believes this technology will help democratize savings for consumers while delivering flexible liquidity to partner banks.

The Raisin Savings-as-a-Service technology is designed to simplify and accelerate the deposit process for both bankers and customers.

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With this technology, clients can view and open their preferred account online, exploring available terms and yields in a transparent and simple way.

MapleMark Bank is deploying this partnership to expand its reach beyond its existing private banking base and position its digital banking platform as a trailblazer.

By offering individualized deposit products, MapleMark Bank aims to meet people's real savings goals quickly and conveniently.

Raisin's technology also gives banks greater control over liquidity flows and flexibility in managing their balance sheets.

This innovative partnership is a step in the right direction for the US deposit market, which has seen little innovation in decades.

By adapting its European mission to the US deposits market, Raisin is bringing a fresh approach to savings and investments.

The Raisin Platform offers a wide range of deposit products, making it easier for customers to find the right savings solution for their needs.

Customers Bank, another partner of Raisin, offers a high-yield savings account with a 4.01% APY and no monthly fees.

This account is a rare offer, making it a great option for those looking for a high-yield savings account with no maintenance fees.

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It's alarming to see customers stuck with their money in limbo for weeks on end. A customer experienced this with Raisin, where their money was in pending mode for 6 weeks.

The customer had transferred the money on 13th February 2023, but it was still inaccessible for withdrawal. They contacted Raisin FOUR times by email/in-app messaging, but received no response.

This lack of response is unacceptable, especially when it comes to accessing one's own money. It's a breach of banking standards and responsibilities.

In some cases, customers have even been waiting for 15 days for a response to their complaints, which is far from satisfactory. One customer was told they would receive a response from Raisin in 15 days, but they just wanted their money back.

It's essential to be cautious when dealing with financial institutions that have a history of poor customer service. If you're considering investing with Raisin, you might want to think twice.

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Raisin's online platform is developed and maintained by a team of experts, ensuring a seamless user experience. The platform is designed to be user-friendly, with a broad selection of competitive savings products and no fees or hidden charges.

Raisin's partnerships with banks and financial institutions provide access to higher interest rates and secure savings platforms. This is made possible by advanced IT infrastructure and experienced financial analysts who work together to create innovative financial products.

To manage your savings account hassle-free, you can register online quickly and easily, and enjoy multilingual customer service support. Raisin's proprietary algorithms and financial resources enable the company to offer reliable and regulated savings solutions.

Here are the key features of Raisin's online platform:

Raisin's Business Model Canvas is a comprehensive framework that outlines the company's key elements and activities. It's a visual representation of how Raisin works.

Raisin's partners include banks and financial institutions, technology providers, regulatory bodies, marketing and advertising agencies, customer support services, data analytics firms, compliance and legal advisors, and financial advisors. These partnerships are crucial for Raisin's success.

To develop and maintain its online platform, Raisin focuses on several key activities, including developing and maintaining the online platform, customer support and service, establishing partnerships with banks and financial institutions, marketing and customer acquisition, regulatory compliance and legal oversight, data analysis and performance tracking, platform security and fraud prevention, product and service innovation, enhancing user experience and interface, and content creation and management.

Raisin's strengths include partnerships with banks, advanced IT infrastructure, experienced financial analysts, user-friendly platform, comprehensive customer service team, strong brand and reputation, reliable data security systems, extensive regulatory compliance capabilities, marketing and communication channels, and financial resources for operational scaling.

Raisin's value proposition includes higher interest rates, easy and fast online registration, broad selection of competitive savings products, secure and regulated savings platform, no fees or hidden charges, hassle-free management of savings accounts, multilingual customer service, innovative financial technology, user-friendly platform, and transparent terms and conditions.

To engage with customers, Raisin uses various channels, including personalized customer support, email newsletters, social media engagement, loyalty programs, customer feedback channels, live chat support, webinars and online workshops, dedicated account managers, community forums, and in-app notifications.

Raisin's target market includes European savers and investors, financial institutions looking for partnerships, tech-savvy individuals seeking online banking solutions, retirement planners and pension fund managers, and retail banks seeking white-label solutions.

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Raisin's marketing channels include its website, mobile app, email marketing, social media, referral program, strategic partnerships, online marketplaces, affiliate marketing, customer support, and financial advisers.

Raisin's revenue streams include various sources, including operational costs, marketing and advertising expenses, technology and development costs, customer support and service expenses, partner and affiliate commissions, administrative and legal expenses, payment processing fees, employee salaries and benefits, office and infrastructure costs, and regulatory compliance costs.

Raisin's fixed bonds, like the one mentioned, have a fixed term, in this case, 1 year, after which the funds become available.

The customer's bond matured on February 8th, 2023, but they couldn't access their money until 5 days later, on February 13th.

Raisin's customer support has been unresponsive to complaints, with no resolution in sight.

Their published phone number is a fake, leaving customers without a reliable way to contact them.

A customer's experience with Raisin's unresponsive support and withholding of funds is a red flag for potential users.

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