Mike Pusateri

Las Vegas, NV (USA)
Role(s):
Other

Wireless Capital Innovations

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Location: Las Vegas
Industry: Banking
Year Founded: 2007
Number Employees: 1-10 people
Description: Wireless Capital Innovations WCI has pioneered a technology platform that integrates banking and cell phone services into a single, functional account. WCI's strategic vision is to combine the cell phone and bank accounts, bringing the high growth of cell phone accounts to the banking industry on a reduced cost platform. Talker's Checking Talker’s Checking is a checking account product offered by WCI’s partner banks under license from WCI. Talker’s Checking offers customers free cell phones, free voice minutes and free texts in addition to items offered in traditional checking accounts such as free checks, debit/ATM cards and online banking. Talker’s Checking was developed to increase customer acquisition rates and create new low cost, low attrition deposits at affiliated financial institutions. The combined bank/phone account also generates new business opportunities and related revenues previously unavailable to affiliated banks. WCI Platform Wireless Capital Innovations has pioneered a technology and service that integrates banking and cell phone services into a single, functional account. WCI, in partnership with existing financial institutions, offers a level of free cellular service in order to attract new deposit account holders. Mobile phones for voice and data communication are issued as adjunct devices to bank accounts utilizing the direct deposit feature, with all banking and cell phone charges settled into the same bank account. WCI's platform capitalizes on the convergence of banking and wireless telephone services. The WCI combined account enables instant participation in mobile banking for depository financial institutions. The WCI platform is essentially a high-tech version of the traditional "free toaster". The program provides a strong incentive for consumers to open new accounts thereby growing core deposits which generate greater lending volume and increased bank fee income. In addition, banks participate in new mobile advertising and content revenue streams. Traditional margins are also improved via platform efficiencies that support banking and wireless on a reduced, singular cost structure. Value Proposition Consumers: WCI's platform offers customers valuable benefits such as free standard cell phones, no-contract cell phone service, free monthly ‘anytime’ cell phone minutes, free monthly text messages, and competitive pricing on minutes and messaging above the allotted free amounts. Cell phones are equipped to allow the customer to interact in real time with their account to check balances, view recent transactions, receive bank account alerts and enjoy no-hold customer service via their cell phone. Financial Institutions: Banks and credit unions offering the WCI program benefit from increased deposit accounts tied to the free cell phone offer. This enables them to attract new customers, grow their loan portfolios, and cross market other financial products and services to their customer base. Participating institutions also receive fee income from the wireless services thereby growing their asset base. With deposit accounts in high demand, WCI offers financial institutions the ability to attract core deposits crucial to their growth and development while generating new revenue streams. Intellectual Property WCI holds exclusive pending patent rights covering the converged banking/wireless account: Abstract of the Disclosure: “A method for providing mobile services, such as mobile financial services, includes providing a wireless handset or other device as an adjunct access device for a user account.”