WalletFi partners with credit unions and community banks to provide critical mobile banking services to consumers. They also offer data analytics and recommendations through their WalletFi Lite service.
The primary benefit that WalletFi brings to credit unions and banks is consumer-facing. Their platform allows users to monitor their subscriptions, transfer payments from one card to another, and otherwise exert control over their recurring charges. Furthermore, their platform lets consumers update payment information for reissued cards after expiration, damage, or loss.
WalletFi reduces member/customer churn and keeps the issuer’s card top of wallet through an ecosystem of financial transparency, convenience, and incentives. Their closest competitor is Wells Fargo’s Control Tower app, but it does much and can be used by any financial institution.