Credit Union Fintech: The ID Co
Overall, ID Co is a fintech dealing with identity verification. The goal of The ID Co. Is to open all barriers in banking, and speed up the identity verification for consumers. The ID Co implements services such as verifying your identity online or logging into multiple banks with one swipe.
The ID Co has two main services, DirectID, a business service, helps businesses like lenders onboard their customers by removing friction caused in the application process by current challenges of risk, compliance, fraud, and regulation. NoMo, a consumer service, makes it easy to stay on top of your money.
The ID Co Background
In 2011, the concept of Open Banking in the UK was new. The ID Co started with the goal in mind to keep consumer information safe. The idea was that the Mii Card was an online passport to prove who you were online. The ID Co has now moved on from a consumer-facing ID solution to a business based ID solution that also deals with risk and regulations.
Top 3 Problems Solved
- Regulatory solutions
The ID Co Founder: James Varga
James Varga’s founded The ID Co. in 2011 with a mission to create convenience—to allow lenders, banks, and credit unions to sign up to new products and services in seconds without the worry of risk and regulation. He still sits as The ID Co’s Chief Operating Officer.
Before the ID Co, James was involved in other Fintechs executive teams such as “Money Dashboard,” a consumer-facing solution helping with budgeting, and also “Ambergreen Internet Marketing” as a Director. He used this experience in Marketing and Fintechs to create company The ID Co is today.
The ID Co go-to Market Strategy:
CU2.0 Sponsor = No
- Segment: Marketing, onboarding, and member growth and retention
- Demographic: multiple
- Impact on Member Growth: Low
- Impact on Interest Margin: Low
- Impact on Non-Interest Income: Low
- Impact on CU Branch: low
- Expense Reduction: medium