It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Vincere 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!)
So, to the problem at hand today. Did you know that tobacco smoke is the leading preventable cause of death worldwide? Did you know that preventable health issues raise the cost of health insurance for individuals and employers all over the place?
Did you know that both our bodies and the economy would be healthier if people didn’t smoke?
Well, it’s true.
Introducing Vincere
Vincere is a health-related fintech that wants to help people quit smoking. It’s not just that people need help, or that it’s good for business, or that it puts a strain on healthcare. It’s those, but it’s also that tobacco cessation literally improves lives.
That’s important. That’s part of the credit union ethos.
But everybody knows smoking is bad for you. Everybody knows that health complications arise from tobacco use. There are a hundred ways to quit, and all are marginally effective, depending on the person.
Vincere speaks a language that motivates all people:
Money.
Think about how much it costs to smoke a pack per week. Or worse yet, a pack per day. And how much does a higher potency vape cartridge run these days, anyway?
All those costs add up. So do the associated healthcare costs.
And Vincere isn’t just telling people how much they’d save by not smoking. (Last we checked, that never worked.) No, they’re taking things a step further. They’re truly incentivizing cessation.
They’re paying people to quit.
Vincere developed a way to see if people have smoked recently. If people test clean, they get money. If people fail their test, they get no money. Or something like that. I mean, hey, the system seems almost bonkers crazy, right?
In fact, so crazy…
That it just might work.
If this sounds like an intriguing credit union–fintech partnership, check out the video and Vincere snapshot below!
Vincere Snapshot
Here’s a quick look at the basics of Vincere. Check out what they and others are saying about their place in the market.
Top 3 Problems Solved
- Personal health
- Tobacco cessation
- Insurance savings
Vincere Founders: Shalen De Silva and Jacob Keteyian
Vincere Market Strategy
Consumers, employers, and community financial institutions.
Vincere in the News
Vincere wants to pay you to stop smoking
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.
