Embedded business banking launched
in 5 months

Account Opening feature, informed by user research, customizes the digital banking experience to suit each user’s organizational structure. This tailored approach, guided by extensive insights, ensures the platform caters precisely to individual needs.

A key element is the goal-gradient effect, where users input sport-specific details. This assists expense planning and empowers efficient team budget management, offering a personalized and streamlined financial solution.

Immediate account funding ensures maximum deposit capture, fostering continuous account engagement and swift benefit realization. Proactive reminders about account benefits significantly boost conversion rates by highlighting the advantages, encouraging informed decisions, and contributing to a higher rate of successful account openings.

Card Issuing integration:

Organizations can now separate team funds, transactions, and accounting through compliantly-created accounts ledger on the core.

A custom digital experience enabled Players Health to cross-sell banking, lending, insurance, and risk services.

The accounting process is optimized by tagging transactions and payments during processing to boost efficiency and simplify accounting procedures and tax reporting.

Players Health can efficiently issue virtual and physical cards to organization members to enhance accessibility and control, enabling organizations to promptly and effectively adapt to their members’ needs.

Buy-Now-Pay-Later (BNPL) enables the upfront acquisition of sports equipment and facilities before registration fees are received. This strategic initiative efficiently addresses upfront expenses and generates an extra revenue stream for both Players Health and Thread Bank.

By deeply understanding their customers and the seasonal nature of their cash flow, Players Health and Thread Bank can better underwrite risk and offer loans at better rates than competitors.

The guided onboarding process facilitates seamless bill payments and significantly enhances user stickiness. The approach ensures users are efficiently onboarded and engaged, fostering a lasting connection with the platform.

The platform also enables hassle-free transfers, both to external accounts and sub-accounts. This not only streamlines financial transactions but also contributes to a user-friendly experience.

Through user research, Praxent identified the critical challenges faced by sports organization administrators. The insight was instrumental in refining Player’s Health landing pages to showcase their platform’s advantages compared to undifferentiated competitor accounts and effectively communicate their unique value proposition.