UniZest provides products and services to the International Student market in the UK.
|The Aspire Account has been created to address a major problem encountered by International Students coming to the UK to study at Universities. A UCAS study showed that 62.5% of the students ranked opening a UK Bank Account as one of their top 3 issues. They can open the Aspire Account whilst still at home and prior to leaving for the UK through an easy and simple on line process. It combines and e-banking current account, a Visa Debit Card, and an integrated foreign exchange service.|
PRODUCTS & SERVICES
UniZest has elegantly combined an e-current account & Visa Debit Card banking facility with a foreign exchange service in the Aspire Account.
The online application service is simple and easy for the students whilst satisfying all of the regulatory requirements. Most importantly the student can open and activate this account prior to them leaving their homes to start their new lives studying in the UK. Thus reducing the stress for the student and providing them, and their families, with peace of mind.
By working with suppliers already delivering the component parts of the Aspire Account the risks associated with the venture have been significantly reduced.
International Students face a major problem in opening UK Bank Accounts. They cannot open the standard Bank account until they are in the UK and have all their correct paperwork, including proof of their UK address.
The process for these students can take up to a month and is the source of a great deal of stress and anxiety.
In a 2014 UCAS Survey 62.5% of the international students ranked opening a UK Bank Account as one of their top 3 concerns.
The Aspire product allows them to settle all of these problems prior to leaving home and means they land in the UK with easy access to funds in sterling, and their families can top up their accounts very quickly through the FX service.
UniZest will develop a range of products and services for this market but all of the Financial Forecast relates to revenue generated through the Aspire Account.
The Aspire Account generates revenue through fees and charges associated with the e-current account, and through a commission paid on the FX transactions.
UniZest has negotiated the best FX rates for the Aspire A/c and there is no transaction charge. The spreads are set well below existing Bank rates and are highly competitive with any in the market.
A small charge for the Bank A/c functionality can be offset against cash-back, discounts and promotions offered on the Visa Card.
An Insurance Product is being developed.
The business will established a solid market share in this niche market and will be generating significant cash by the 3rd year of operation.
Exit options will include a Trade Sale – there will be various potential purchasers of this business with Challenger Banks and other developing FinTech companies being the most likely.
There would also be the option to have an IPO to provide early stage investors with and exit from the business.