1st Quarter 2024 Spotlight - Wysh

If you are looking for a new way to attract and retain deposits, take a closer look at Wysh.

You may remember hearing about this quarter’s Solution Provider from our wrap-up of Finovate Fall. In fact, they won Finovate Fall Best of Show.

Wysh, a subsidiary of Northwestern Mutual, is a life insurance carrier that has come up with a simple product, called Life Benefit, that gives financial institutions a way to add value to deposit accounts (either savings, checking, brokerage or CDs) by linking an automatic, no-fee life insurance benefit to those accounts.

This graph offers an example of how life benefit would work. (provided by Wysh)

Life Benefit will embed micro life insurance coverage equal to 1-10% of account holders’ deposits and sits above their account balance. As your customer grows their deposits, they are growing a life insurance policy at the same time.

There is no customer sign up, opt-in, medical exam, underwriting or user claims process required — if they have an account, they get the benefit. Anyone aged between 18 and 79 would be eligible and the benefit is paid directly to the account upon the account holder's death. Maximum benefit is $10,000

Over 100 million Americans don’t have adequate life insurance protection, and Wysh is committed to partnering with financial institutions who wish to differentiate themselves by helping address a tangible and growing need. You can see why they were the talk of everyone at Finovate.

Learn more: Website
Contact: Brian Wieloch

4th Quarter 2023 Spotlight - FinovateFall Demos

Jim Perry (l) spoke about diversity, equity and inclusion with David Penn (r) during a Fireside Chat at Finovate Fall 2023 in New York City.

Last month, I had the opportunity to speak at Finovate Fall in New York. One of the highlights of the event was Finovate’s signature 7-minute demos. Finovate's mission is to cut to the core of innovation. They do the legwork by reviewing hundreds of services and solutions from across the fintech spectrum, then distilling them into a handful of demos featuring exciting technology with real-world applications. There were 70+ amazing demos of new technologies in just two days - here are four of my favorite.

Wysh - Wysh is reimagining how people think about financial protection. Wysh is a life insurance carrier that recognizes life insurance isn’t often thought of as exciting, engaging, or inclusive. But with life insurance seamlessly delivered through traditional banking in a never before seen way through Life Benefit, Wysh is empowering consumers directly and through institutions to not only begin protecting themselves and their families, but to build confidence in their financial future.

Plinqit - Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management.

Debbie - Debbie is the Noom for debt payoff. Their program uses behavioral psychology and positive reinforcement to incentivize borrowers to pay down debt and connect them to better loan offers – their users have paid down on average 3x more debt ($450/month) and saved on average $100/month. They are working with financial institutions like MSUFCU and LFCU to help them engage their current member base, improve the decline funnel, and acquire young, motivated members through their loan offer and savings network.

Trust & Will - Trust & Will simplifies estate planning with attorney-approved, state-specific documents, aiding hundreds of thousands since 2017. Their secure platform, compliant with SOC 2 and HIPAA standards, offers affordable ways to create or settle estates. AARP and top financial institutions endorse them as the official estate planning provider due to their mission of securing every family’s legacy.

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I expect we’ll be doing a more complete profile of some of these companies in 2024. If you were at Finovate Fall and there was a standout demo that we missed, let me know.