ASA, an embedded App Store as a Service provider, announced that five fintechs are now fully integrated and live in its app, ASA Vault. This new model provides fintechs an easier, quicker path to market and customer acquisition that frees them from burdensome compliance requirements.
The five fintechs – PortfolioPilot, Guac, One Goal Finance, Credit Rent Boost and Column Tax – deliver account holder value through financial wellness, savings, budgeting, credit building, tax and investing tools. With ASA’s App Store as a Service solution, consumers can safely explore and try innovative technology from within their financial institution’s App Store (powered by ASA), without ever sharing a name, email address or password. ASA tokenizes and anonymizes all information; it is never shared with the fintech unless explicitly permissioned by the consumer. This approach minimizes fraud exposure and gives users complete control over the sharing of their financial data.
ASA is making it easier than ever before for fintechs to go to market and reach and engage with new customers. In this enhanced model, ASA manages the data connections, billing, payments, authentication (including KYC and SSO) and customer acquisition, allowing the fintech to focus on their core competencies instead of the onerous compliance and security considerations of trying to act like a bank.
Guac provides a savings and rewards app that is backed by leading investors such as Daymond John that has helped its users save and earn over $35 million. Ryan Armstrong, President of Guac, said, “We are helping thousands of users, including Gen Z and Millennials, improve their financial wellness by putting money back into their pockets every time they swipe their debit and credit cards. We believe ASA and its framework are going to change the financial landscape by connecting financial institutions and their account holders with fintechs in a safe, secure and compliant marketplace. We’re excited to be live in ASA’s App Store, extending access to our financial wellness and savings tool to thousands of additional users.”
PortfolioPilot is an AI-driven financial advisory platform with over $20 billion Assets on platform and more than 22,000 users (as of July 14, 2024). Alexander Harmsen, CEO and Co-Founder of PortfolioPilot, explained, “We have built a personal AI financial advisor allowing consumers to make smarter financial decisions with confidence and ease. By relying on the trusted team at ASA to manage aspects such as billing and account integration, we can focus on empowering self-directed investors. Plus, because ASA users already have their accounts connected, it’s easier and quicker for them to sign up to PortfolioPilot and get their first free financial assessment.”
“It has become increasingly obvious that the options for fintechs to effectively reach and help consumers are full of challenges; just look at what has happened with Banking as a Service over the past year,” said Landon Glenn, CEO and Founder of ASA. “The ASA model overcomes these roadblocks, providing a secure and compliant way for fintechs to engage with already authenticated and connected consumers. At the same time, consumers gain access to the latest technology to suit their unique needs, all through the bank or credit union they already know and trust. We believe this is the new way forward in financial services that delivers value for all.”
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