PHOENIX–Arizona Financial Credit Union has launched “Azpire,” a separate brand it said is aimed at those who “operate outside of traditional banking systems.”
According to the $3.6-billion credit union, there are more than 600,000 Arizonans estimated to be underbanked.
Arizona Financial noted that many of unbanked and underbanked individuals often rely on alternative financial service, s such as check cashing, title loans, and money service counters, often paying 20% more in interest on car loans and 30% or more on credit cards.
As a result, the 173,000 member AFCU added, many are left behind due to low income, limited financial education, or life-altering events such as divorce or medical emergencies.
“The traditional financial system isn’t designed for everyone,” Chief Strategy Officer Jason Paprocki said in a statement. “Too many people are ignored or turned away because they don’t fit into automated decision-making models. With Azpire, we’re creating a new path that is more empathetic, accessible, and designed to meet people where they are.”
Separate Brand
Arizona Financial said Azpire will function as a separate brand and point of entry, “tailored specifically to support the underbanked community without requiring them to navigate the barriers of conventional financial channels.”
Azpire will offer:
- Second-chance checking and credit options for first-time borrowers
- Loan products for those with less-than-perfect credit
- Financial education built specifically for the underbanked audience
- Internal brand ambassadors across Arizona Financial branches to advocate for underbanked customers
“By creating a stand-alone identity for Azpire, Arizona Financial aims to foster trust among underbanked individuals while assuring existing members that their services and standards remain unchanged,” the credit union said in a statement.
Support From Community
According to Arizona Financial, to guide the formation and execution of this program, Arizona Financial has enlisted support from local schools and municipalities, as well as community organizations that include Chicanos Por La Causa, the Hispanic Chamber of Commerce, Black Chamber of Arizona, BASE Arizona, Local First Arizona, A Permanent Voice, and UMOM New Day Centers.