Axos Bank and Way.com Partner to Alleviate Rising Vehicle Expenses for Customers
In a strategic alliance aimed at easing the financial burden associated with car ownership, Axos Bank has joined forces with Way.com, the top auto super app. This partnership offers customers who refinance their vehicles through Axos significant cost-saving benefits, including cashback on various auto-related expenses. With the rise in car ownership costs, this collaboration seeks to provide customers with a more manageable financial landscape.
Axos Bank, recognized as an innovator in digital banking, will enable its customers to access the Way app, unlocking unique perks designed to alleviate the overall costs connected to vehicle ownership. These perks include cashback on gas, car washes, parking, oil changes, and maintenance repairs, promoting a more affordable ownership experience.
Furthermore, the partnership introduces additional protections for consumers, including glass breakage coverage, job loss protection, and Accidental Death and Dismemberment (ADD) coverage, ensuring that borrowers are safeguarded against unforeseen financial hardships.
Greg Garrabrants, the President and CEO of Axos Bank, expressed enthusiasm about the partnership, emphasizing how it aligns with Axos’s mission of empowering consumers in managing their financial well-being. He stated, "We saw great synergy with Way, as we are all about empowering consumers to easily manage their financial lives. Now this can extend to managing their car services and expenses." This indicates a significant shift in how banks view their role in enhancing customer service beyond traditional offerings.
The partnership will also benefit Way.com, which has already established a reputation for its role in helping customers save on various car expenses. According to Steven Gordon, Executive Director of Financial Partnerships at Way.com, the app has enabled users to save as much as $1,500 annually on car expenses by providing them access to the best rates and services available in the market.
Way.com serves as a comprehensive fintech platform for car ownership, claiming to have catered to over 8 million drivers who utilize its app for a seamless experience covering all aspects related to vehicle ownership. By using their technology-driven platform, customers can quickly access and compare car insurance, refinance options, and additional services such as roadside assistance and maintenance without the stress of navigating through multiple sites.
The app's popularity is attributed to its efficiency and the ease with which users can sign up for and receive essential services. Customers in 2023 notably benefitted from significant savings through the platform, which includes partnerships with top-rated car washes, parking locations, and insurance providers across all 50 states. These collaborations empower users to manage their car-related services in a single, convenient app.
For Axos Bank, the partnership not only enhances its product offerings but also opens avenues for reaching a broader demographic of customers actively seeking financial solutions that address their growing car-related expenditures. As car ownership becomes increasingly expensive, this collaboration represents a proactive approach to providing dedicated support to customers navigating these challenges.
About Axos Financial, Inc.: Founded with a focus on providing digital banking solutions, Axos Financial, Inc. manages approximately $22.9 billion in consolidated assets and operates several key financial divisions, including Axos Bank and Axos Clearing LLC. Their commitment to customer-centric banking solutions underlines their significant market presence, especially in sectors reliant on digital transactions.
As consumer demands evolve, partnerships like that of Axos Bank and Way.com not only echo the need for innovation in financial solutions but also reflect a commitment to customer welfare amid increasing economic pressures. The future hints at a more integrated approach to banking services that prioritize consumer needs, setting a precedent for how financial institutions might define their roles in an increasingly competitive landscape.
Axos Bank, recognized as an innovator in digital banking, will enable its customers to access the Way app, unlocking unique perks designed to alleviate the overall costs connected to vehicle ownership. These perks include cashback on gas, car washes, parking, oil changes, and maintenance repairs, promoting a more affordable ownership experience.
Furthermore, the partnership introduces additional protections for consumers, including glass breakage coverage, job loss protection, and Accidental Death and Dismemberment (ADD) coverage, ensuring that borrowers are safeguarded against unforeseen financial hardships.
Greg Garrabrants, the President and CEO of Axos Bank, expressed enthusiasm about the partnership, emphasizing how it aligns with Axos’s mission of empowering consumers in managing their financial well-being. He stated, "We saw great synergy with Way, as we are all about empowering consumers to easily manage their financial lives. Now this can extend to managing their car services and expenses." This indicates a significant shift in how banks view their role in enhancing customer service beyond traditional offerings.
The partnership will also benefit Way.com, which has already established a reputation for its role in helping customers save on various car expenses. According to Steven Gordon, Executive Director of Financial Partnerships at Way.com, the app has enabled users to save as much as $1,500 annually on car expenses by providing them access to the best rates and services available in the market.
Way.com serves as a comprehensive fintech platform for car ownership, claiming to have catered to over 8 million drivers who utilize its app for a seamless experience covering all aspects related to vehicle ownership. By using their technology-driven platform, customers can quickly access and compare car insurance, refinance options, and additional services such as roadside assistance and maintenance without the stress of navigating through multiple sites.
The app's popularity is attributed to its efficiency and the ease with which users can sign up for and receive essential services. Customers in 2023 notably benefitted from significant savings through the platform, which includes partnerships with top-rated car washes, parking locations, and insurance providers across all 50 states. These collaborations empower users to manage their car-related services in a single, convenient app.
For Axos Bank, the partnership not only enhances its product offerings but also opens avenues for reaching a broader demographic of customers actively seeking financial solutions that address their growing car-related expenditures. As car ownership becomes increasingly expensive, this collaboration represents a proactive approach to providing dedicated support to customers navigating these challenges.
About Axos Financial, Inc.: Founded with a focus on providing digital banking solutions, Axos Financial, Inc. manages approximately $22.9 billion in consolidated assets and operates several key financial divisions, including Axos Bank and Axos Clearing LLC. Their commitment to customer-centric banking solutions underlines their significant market presence, especially in sectors reliant on digital transactions.
As consumer demands evolve, partnerships like that of Axos Bank and Way.com not only echo the need for innovation in financial solutions but also reflect a commitment to customer welfare amid increasing economic pressures. The future hints at a more integrated approach to banking services that prioritize consumer needs, setting a precedent for how financial institutions might define their roles in an increasingly competitive landscape.
Topics Financial Services & Investing）
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