It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with RenoFi to discuss all things credit union, fintech, and digital innovation.
This is our chance to chat with the people who push our industry forward. They bring new techniques, new technologies, and new points of view to the scene. (And we promise, we’ll try to avoid digital distractions for your credit union’s CEO!)
California’s Consumer Privacy Act requires that consumers have access to all personal information that business they interact with have about them. It is likely that other states will follow suit, as about 11 other states are drawing up bills for similar legislation right now.
What does new consumer privacy legislation mean for you? It will likely mean a huge overhaul of current systems at your credit union. Any software that shares information will have to comply with innevitable regulations. This is especially true if your credit union shares member information with a third party vendor.
That’s where LionX comes in. LionX offers credit unions privacy as a service, where members can view what info is being shared, and have the ability to opt out at any time. It’s a win-win solution.
LionX is a customizable, white labeled solution that offers privacy as a service to credit unions looking to comply with the regulations for consumer privacy. They have three main tenets of their service:
1. LionX provides the platform to disclose to users exactly what information is being shared of theirs, whom it’s being shared with, and why it is being shared. LionX also give you the ability to opt out of any information sharing.
2. LionX’s solution is API based, meaning that it can fit in to any existing platform your credit union has.
3. LionX is also an identity authentication service, meaning that your members information will never be shared with the wrong person.
If this sounds like an intriguing credit union–fintech partnership, check out the LionX snapshot below!
Here’s a quick look at the basics of LionX. Check out what they and others are saying about their place in the market.
Top 3 Problems Solved
- 1. White labeled privacy solution for credit unions
2. API access for security solutions that fit in with existing software
3. Authentication of members identity
LionX Founder: Aimeelene G. and Andy Carra
LionX Market Strategy
Credit unions, and any other company that shares data of their customers.
LionX in the News
LionX has not hit the press yet, but you can check out their white paper examining of the California Consumer Privacy Act here.
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.