Credit Union Fintech: WalletFI

credit union 2.0 walletfi financial technology

WalletFi Background:

WalletFi Was founded by Alain Glanzman, Co-Founder and CEO, after realizing the huge need for a consumer to manage all of their cards and subscriptions in one place or application. The product was created for Credit Unions and Banks. It allows users to easily  identify and move recurring charges, subscriptions and card-on-file (CoF) payments across cards within a digital wallet. WalletFi reduces customer churn for banks and financial institutions while also increasing millennial engagement and reinforcing top-of-wallet status. WalletFi will allow banks and credit unions to integrate the company’s API with their own mobile platforms or offer it as a stand alone white-label solution.

 

Contact information

 

Other Details:

Built on Amazon Web Services.  Data is stored on Users Device.  Plaid (Link to PLAID on CU2 website) enables secure access of the data. Going through SSAE16/SOC2 but not PCI.   It will store the credentials on the device for future use and routinely look and refresh real-time transactions and info.

As of 11/30/2018 – Approximately 1000 merchants in database.  10 are live and able to move the transaction.

 

Top 3 Problems solved:

  1. 420B annually spent on subscriptions in the US with 13% growth rate.
  2. Consumers find it difficult to move payments from one bank to another
  3. Credit Unions and bank struggle to onboard new customers

 

WalletFi Founder: Alain Glanzman, Co-Founder and CEO

 

WalletFi go to Market Strategy:

WalletFI is working with NCR and FIS to develop, partner and distribute the product.  They want to be part of the credit unions or banks mobile application.

 

WalletFI – gets transaction data through Plaid.   They provide insights and information back to the bank or credit union.

 

Top Credit Union Fintech Use Cases:

None Yet. Currently involved in a pilot with NCR. Should be done by Q1 – 2019

Average consumer has $800 a month in recurring payments spend on credit cards.  This would relate to about $150 a year in interchange for a financial institution.

 

Top WalletFi Credit Union Fintech Content:

https://www.businesswire.com/news/home/20171101005427/en/

https://finance.yahoo.com/news/former-head-innovation-ventures-state-113600142.html

 

CU2.0 Sponsor = [No]