Empower credit union members to attain greater financial wellness through simplified and intelligent money management
According to the Financial Health Network, only 28% of Americans are considered financially healthy; the remaining 72% are struggling with either some or all parts of their financial lives*. Although level of education and income can have a positive effect on financial wellness, 78% of American’s are living paycheck to paycheck, 32% don’t have a financial planning guide aka “budget”, 47% are spending more than or equal to their income, and 45% do not have enough savings to cover three months of expenses. Lack of financial literacy, budgeting, discipline and time combined with the complexity of managing money are factors contributing to the poor state of Americans’ financial health.
Credit unions are incurring substantial technology expense in an effort to help members improve their financial well-being, particularly in omni-channel digital banking, PFM, payments and financial education solutions,. However, credit unions remain hamstrung by the lack of an integrated holistic low friction financial wellness system that combines education with financial planning/budgeting, actual consumer income/spending insights, advisory/recommendations, and low friction money movement to execute on a 360 degree digital financial wellness program. Result: Credit union members continue to struggle to attain financial wellness and are looking elsewhere to meet their money management and money movement needs.
Given the competitive pressures mounting from within the industry as top banks continue to make massive capital investments, and from the outside as non-FI fintechs continue to introduce innovative low-friction, high-value integrated user experiences, credit unions have an urgent need to take action.
PayverisCU - Marrying Credit Union Thought Leadership with Advanced Payment Technology and AI
After extensive discussions with credit union executives, it is eminently clear there is a market-driven need to combine the know-how and thought leadership of a select group of influential, highly respected credit unions with a purpose driven technology organization with an advanced money movement platform to create an organization focused on delivering frictionless money movement, money management and financial wellness solutions. With the signing of Vystar Credit Union as its initial investor, Payveris launched PayverisCU, a CUSO registered in June 2019, to create frictionless money movement, money management, and financial services tailored to the specific needs of the credit union market.
Providing a Path to Financial Wellness
The path to financial wellness requires nimble and readily extensible technology as its foundation, enhanced with data aggregation, artificial intelligence and dynamic and engaging content (Exhibit I). Payveris’ MoveMoney platform, with its open-API, cloud-based extensible architecture, provides this base. PayverisCU leverages the Payveris’ MoveMoneysm platform which delivers advanced money movement services to over 180 credit unions and has earned a reputation as the single best option for forward-thinking credit unions to take control of their digital payments destiny. Current capabilities enable simplified money movement for all payment types (e.g., bill pay, A2A, P2P) from any account to any account at an anytime. The Money Management and Financial Wellness feature sets apply an integrated friction free user experience that leverages aggregated user financial data, artificial intelligence and gamification to motivate and reward desired behaviors. PayverisCU will offer credit unions the full range digital payment, money movement, money management, and financial wellness capabilities.
* Financial Health Nework: U.S. Financial Health Pulse: 2018 Baseline Survey Results , October 2018