Take a guess. How many recurring payments does a typical consumer have set up, for how much money monthly?
Alain Glanzman, CEO of fintech WalletFi is focused on exactly that issue - and also on the huge potential it represents for credit unions
The answers are 10 to 15 recurring payments totaling $857 per month.
Surprised? Think Netflix, T-Mobile, the NY Times, Cox Cable, maybe an electric bill, and the list goes on. We have moved from a society that paid via bill pay, or perhaps writing a check, to one where many of us have set up multiple vendors to in effect pay themselves monthly via our debit or credit cards.
Enter WalletFi. The company says of itself: "WalletFi was founded to solve a problem our co-founders personally felt: the pain that comes from a lost or reissued card. Focused on the customer experience first, WalletFi grew to provide technology that helps users manage their subscriptions and recurring charges, and bounce back from a lost, stolen, or reissued card.
Financial institutions identified these pain points in their customer’s life cycles as well, and now rely on WalletFi to provide a subscription management platform that will increase interchange revenue, offer an unbeatable user experience, and win the battle for top-of-wallet."
WalletFi now is looking for credit unions to partner with.
In this podcast, Glanzman offers intriguing insights into how fintechs and credit unions can work together, how they have different definitions of a "quick deal," and - above all - he expresses confidence that many credit unions, with their focus on the member experience, are ideally positioned to champion bringing more control to consumers over their recurring payments.
On which note: do you know how many recurring payments you have set up?
Don't be surprised if you stumble. That's where WalletFi comes in. It gives the member visibility into payments many of us have forgotten about.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto