Published on Sept 13, 2019
Mike Lawson (CU Broadcast) [00:00:14] Here at the 2019 CUNA Technology Council and Operations and Member Experience Conference.
Tom Beattie (Voleo CEO) [00:00:22] Yes.
Mike Lawson [00:00:22] It's a lot. It's two conferences and one which is always good. We are here with Voleo or Voleo if you're in Europe. Tom Beattie, Tom how are you.
Tom Beattie [00:00:32] I'm well thanks.
Mike Lawson [00:00:33] And you just told me that you just got out of the speed rounds upstairs. Give us a quick overview on what you guys talked about in the speed round and what happened.
Tom Beattie [00:00:41] Well Voleo demoed its white labelled turnkey investing platform. We're making it available to credit unions so that they can acquire and engage new customers. And the whole purpose of course is to defend themselves from the FinTech Unicorns that are starting to erode their membership base with their brand power and the tactics of influence.
Mike Lawson [00:00:59] And so how long you guys been around we've been around?
Tom Beattie [00:01:01] We've been around for five years as a company building our technology platform and as a FINRA Member for two years. So we have thousands of our own customers. We've decided to partner with financial institutions to help them scale.
Mike Lawson [00:01:13] What prompted that move to venture over?
Tom Beattie [00:01:15] It was demonstrating a couple of years ago at Finovate when we were first going live and financial institutions approached us and asked if we could do this for them.
Mike Lawson [00:01:23] Really. Wow. OK. So how's that how's the journey been so far?
Tom Beattie [00:01:27] Like all Start-Up life it's been challenging.
Mike Lawson [00:01:30] The proverbial roller coaster.
Tom Beattie [00:01:32] Absolutely, but we are funded, we're scaling, we have real customers so it's it's hitting its critical mass.
Mike Lawson [00:01:37] A So talk about any credit unions experiences that you guys can share.
Tom Beattie [00:01:42] So the first partnership that we've announced is actually in Europe. It's with credit union, effectively, that has four million members and we're part of a wealth Tech Partnership Program. So we're working with them and now we're looking to roll out here in North America.
Mike Lawson [00:01:56] And so give me a quick benefits message for credit unions. How do you guys benefit credit unions.
Tom Beattie [00:02:00] New service for their members, first and foremost. Secondly, it's an incremental revenue stream because we're able to share a part of the transaction commission that we earn. And thirdly it's a tool to not only acquire new members and thus new deposits and new deposit accounts but across all other financial products and services. So, you can place those contextually into the applications for everyone or to specific members.
Mike Lawson [00:02:22] All right. And it kind of makes the credit union more sticky, more value.
Tom Beattie [00:02:26] Much more sticky. Our users are back every other day. They're putting in money every month, 60 percent of them do that on a recurring basis. So, it's fantastic to see the depth of engagement.
Mike Lawson [00:02:36] So what makes you guys stand out from all the rest out there? What makes you guys so unique?
Tom Beattie [00:02:41] There's nobody else that's focused around community, so we are the only ones that are doing a collaborative platform where you have the choice to either pool your money and work as a team benefiting from lower cost and lower risk, because your splitting fees and are more diversified, or to work as part of a team where you have your individual account but you're sharing those ideas. So that's the unique aspect of our platform. We also have a gamification element where we track the decisions made. So Mike if you proposed something and we as a team voted down, three months later it's up 30 percent you can lock it for your score. You've learned from your decision. More importantly you've proven to us how would have done if we listened to you.
Mike Lawson [00:03:16] Gamification I think is so under underappreciated.
Tom Beattie [00:03:23] It's difficult in finance to do that in a very genuine. In our case it feeds a community of top performing individuals and teams that can be followed for the best ideas and then validated with the people that you trust. And again, that's the differentiator. It's the validation that you're getting from your own team because they have a vested interest in your success.
Mike Lawson [00:03:41] OK. Good stuff. Goals for Voleo. What do you guys want to achieive in the next year.
Tom Beattie [00:03:44] Let's get some credit union partnerships, that's the goal.
Mike Lawson [00:03:47] You're in the right place!
Tom Beattie [00:03:47] We are in the right place. So, I really appreciate meeting you Mike, thanks so much for having me.
Mike Lawson [00:03:51] Thanks Tom. And we can find you at myvoleo.com. That's myvoleo.com. Go check them out. Tom, thank you so much, sir. Keep up the good work.