SAN FRANCISCOâLinqto, a Silicon Valley company that specializes in apps for the financial services industry, said it is partnering with LEVERAGE, of the League of Southeastern Credit Unions & Affiliates, to pilot the LEVERAGE App Store with nine credit unions.
LEVERAGE will offer the mobile financial technology apps to 643 credit unions that represent 12.3 million members and $143 billion in total assets.
The app store is powered by Linqto's patent-pending software platform, Otter, a first-of-its-kind platform that allows participating financial institutions to select from a list of the latest fintech apps, brand those apps and have them submitted to major app stores such as Apple, Android, and Amazon for consumer use, the company said. LEVERAGE's store also offers a large collection of non-fintech apps, such as lifestyle and gamification, which are gaining popularity with Millennials.
"Our process is unprecedented, as it allows financial institutions to have done in minutes what used to take months, without the hassle of any long-term contracts," said Linqto CEO and Co-Founder Bill Sarris in a released statement. "Over the course of this year, Otter will unite the 643 credit unions in LEVERAGE's marketplace with their tech-savvy members through the use of mobile fintech. By presenting solutions that meet today's demand, we're equipping these financial institutions with the technology needed to attract and retain members in a competitive marketplace."
Credit unions adopting the future of fintech by participating in the Linqto/LEVERAGE pilot program include:
- Bethpage Federal Credit Union, New York
- CFCU Community Federal Credit Union, New York
- Inner Lakes Federal Credit Union, New York
- First Florida Credit Union, Florida
- Members First Credit Union of Florida, Florida
- Buckeye Community Federal Credit Union, Florida
- Sun Credit Union, Florida
- Alabama Credit Union, Alabama
- Family Security Credit Union, Alabama
"By working with Linqto, credit unions are still able to offer their traditional services, but now they can also pair those services with premium technology from branded apps, enhancing mobile strategies and changing their members' mobile experience," said LEVERAGE President/CEO Patrick La Pine. "This brings a dramatic shift in the relationship members have with their credit union and their mobile devices."
Throughout the duration of the pilot program, Linqto will identify the best apps to suit credit union and member needs. Once the six-month pilot is complete, LEVERAGE's App Store will be released to all of its 12.3 million members, the company said.