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.
WCI Platform Flow Chart
Account Opening
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- Customers visit Talker's Checking on-boarding portal at Bank branch or online
- Open account and opt-in in a single session: Bank, Phone, Content, Ads
- Third party vendor runs AML and BSA compliance
- Customers pass mid-session to e-sign and open online bank account
- Coordinated fulfillment of phone, checks and debit card
- No direct WCI/Bank connection
Account Operations
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- Customers use phone as usual
- Customers use bank as usual
- Bank customarily settles DDA's
- Wireless telephone carrier advises WCI of charges
- WCI advises Bank core of charges
- Bank core settles phone to accounts
- Bank audits WCI related accounts
- Bank advises WCI of bank fees
- Bank settles WCI share of bank fees
- No direct WCI/Bank connection
Content/Ads
- Bank/WCI cooperate to index and target
- Customers remain anonymous
- No direct WCI/Bank connection