Wireless Capital Innovations, LLC (WCI), has pioneered a technology platform that integrates banking and wireless services into a single, functional account. WCI's strategic vision is to bring dramatic cellular account growth rates to the banking industry and to fully capitalize on this convergence. Our company anticipates rapid growth from the exposure and speed-to-market that existing depository financial institutions will provide, and fully expects to become a primary force in the m-Banking, m-Commerce and m-Payments market. Join us in becoming part of this ground breaking technological advancement.
WCI's mobile marketing program utilizes free wireless handsets to drive deposits toward affiliated financial institutions. Consumers opening bank checking accounts that incorporate direct deposit are issued free wireless handsets, along with the customary items such as checks or debit cards. Voice minutes and text messages are provided free of charge each month. Phone charges in excess of those levels are charged to the bank account. The handsets are equipped with text (SMS) banking technology that allows consumers to interact in real-time with their bank account. The free phone, air time, checking account, and debit card act as incentives for the consumer to continue to deposit funds and, subsequently generate fee and spread income for the bank. Consumers not particularly interested in m-Banking will nonetheless appreciate the wireless value proposition and banking relationship. Conversely, SMS technology enables tech savvy account holders to monitor account balances/minutes, recent transactions/calls, receive bank account alerts, and avail themselves of no-hold customer service via their cell phone. The combined bank/phone account generates new business opportunities and related revenues previously unavailable.
At the onset of the program, all accounts opened at participating financial institutions will be checking accounts with no minimum balance requirement. New consumers who open accounts and utilize direct deposit will receive checks, a debit/ATM card, and gain access to online banking and bill pay. Unlike standard checking accounts, consumers will also receive a free-to-use wireless handset with on which they can talk, text and bank. Consumers opting to purchase a more functional handset will be able to select from some upgraded models at their expense. Accounts are initially created via an online portal[1][1] with the process continuing through an online banking system, giving consumers direct access to additional tools to help them set-up and utilize the free mobile banking service.
Handsets will be co-owned by both the bank and WCI, which will provide an advertising platform and create additional WCI revenue. The bank will own the checking accounts while they remain open at the affiliate bank. Customers will be charged all customary banking fees.
After consumers have signed up for the free online checking account and executed their direct deposit paperwork, they will receive their handset devices. Once direct deposits are confirmed, free wireless services will commence.
Payment for surplus cell phone usage will be debited directly from the consumer's free online checking account by WCI’s bank affiliates. Consumers will opt in to these set-offs to be eligible for the phone/service offer. Likewise, consumers will also opt in to advertising, and use of personal information to develop content in order to qualify for the offer. Free wireless service will be discontinued if direct deposit is not maintained. Consumers will have the option to receive their activity statements online for free, or they can be sent a combined banking and wireless paper statement for a small monthly service fee.
The direct deposit accounts can be opened online, over the telephone, at a bank branch, or by payroll services, and will include the following.
WCI has pioneered a technology platform that integrates banking and wireless services into a single, functional account. WCI, in partnership with existing financial institutions, will offer a level of free cellular service in order to attract new deposit account holders. Mobile handsets for voice and data communication will be issued as adjunct devices to bank accounts utilizing the direct deposit feature, with all banking and wireless charges settled into the same bank account. WCI’s strategic vision is to bring dramatic cellular account growth rates to the banking industry and profit from banking and wireless transactions on a reduced cost platform.
The combined account program enables instant mobile telephone market participation for depository financial institutions of all sizes and locations. Essentially a high-tech "free toaster," the WCI program offers an initial level of free wireless telephone service to consumers in exchange for opening new bank accounts. The program provides a strong incentive for consumers to open new accounts thereby growing core deposits, which in turn generate greater lending volume and bank fee income.
WCI's program capitalizes on a new convergence between banking and wireless telephone services, not only increasing bank income but reaching into frontier demographics and delivering financial services to underserved markets. WCI has licensed exclusive pending patent rights covering the integration of banking and wireless services in a single account. This proprietary position will enable the company to share in customary banking fees while realizing traditional wireless industry margins. WCI expects to capitalize on additional revenue sources from mobile advertising, consumer content and licensing opportunities.
Further, traditional margins are expected to improve via platform efficiencies that support the revenues on a reduced, singular cost structure. The company anticipates rapid growth from the exposure and speed-to-market existing depository financial institutions provide, and fully expects to become a primary force in the m-Banking, m-Commerce and m-Payments markets. WCI anticipates a high level of consumer uptake leading to a substantial enterprise in an unusually short time frame.
Steven M. Mello, President and Founder of Wireless Capital Innovations, brings significant entrepreneurial and management experience to the position. Mello founded and funded nhcash.com, LLC, the only licensed internet lender in the Northeastern United States. Mello guided the company through concept, regulatory and legal planning, financing, information technology, advertising and promotion.
Executive Vice President, Arlen Van Draanen brings over 20 years of senior business operations and development experience to Wireless Capital Innovations. Van Draanen was instrumental in founding Twin Rivers Technologies, LP, the nation’s largest independent producer of biodiesel. Previously, Van Draanen served in a senior business operations role for what is now Covanta Holdings (NYSE:CVA) the nation's leading provider of Energy from Waste services. He had full business and financial operational responsibilities for ten facilities in the Northeast capitalized at over $1 billion. In the course of his career, Van Draanen has led complex negotiations covering a broad range of licensing, service, off take and supply agreements in highly technical fields, many with large multi-national corporations. Van Draanen holds an MBA in Finance from the University of Southern California.
Executive Vice President, John Tantum brings a wealth of knowledge of the mobile phone industry to Wireless Capital Innovations. Tantum was president and founder of Virgin Mobile USA (NYSE: VM), the largest MVNO in the United States with 5 million customers. Tantum was also founder and president of Blue Mobile, formerly called Digicel USA, the US arm of the largest mobile phone operator in the Caribbean region. Tantum also worked on multi-million dollar accounts while with Telephia, Inc., the leading provider of performance information to the mobile phone industry, now a division of The Nielsen Company.
Amol Sarva serves as Senior Advisor – Wireless. Mr. Sarva is CEO of Txtbl, a company delivering a consumer mobile email product and service. Prior to Txtbl, Amol was a founder and vice president of product development at Blue Mobile. Amol was a founding member of the Virgin Mobile USA team, with chief responsibility in financial planning, forecasting and fundraising support. He also played an additional role supporting marketing strategy development and analysis. Amol was formerly an engagement manager with McKinsey & Company’s Telecom and Media practice in New York. His client work there included an MVNO entry strategy and business-building for large telecom companies. Amol completed his PhD in Philosophy at Stanford. He received his BA in Economics and philosophy from Columbia University.
Joseph J. Mello is an engineer with over 15 years experience in construction/project management, environmental services/compliance and health and safety services compliance. The majority of Mr. Mello’s work experience has been with Fortune 500 companies such as Raytheon and Westinghouse and a privately held national construction firm, Clark Construction Group. In this capacity he gained experience in employee/vendor oversight, customer service and financial management of projects in excess of $90MM. Mr. Mello then entered the finance industry as Operations Manager with nhcash.com, and became a lead organizer with a de novo bank formation group in Las Vegas, NV. His background in project and financial management will help him develop and oversee business relationships for WCI.
Stacey Conti is President of The Nubank Group, which specializes in de novo bank formation and consulting. She joined the firm in 1999 to maintain the internal network and oversee the graphics department, but demonstrated a keen understanding of the financial services industry due to her origins with Goldman Sachs, and expanded her role within the company to include client management. Today Ms. Conti is responsible for developing and maintaining client relationships, assisting clients in the regulatory environment, managing project development and ensuring customer satisfaction. She also oversees operations including human resources, marketing, accounting, graphics and sales. Ms. Conti’s knowledge of IT and financial services will help WCI capitalize on the convergence between mobile phones and banking.
WCI's program offers consumers several valuable benefits such as a free standard handset or reasonably priced upgrades, no-contract phone service, free monthly airtime and text messaging bundles and competitive pricing on minutes and messaging above the allotted amounts. The phones are equipped with SMS technology to allow the consumer to interact in real time with their bank account to check balances/minutes, recent transactions/calls, receive bank account alerts and enjoy no-hold customer service via their mobile handset. Upgraded handset models will also include WAP and WEB capabilities.
Banks and credit unions who offer the WCI program will benefit from the increase in deposit accounts tied to the phone offer, which will enable them to attract new customers, grow their loan portfolios, and cross market other financial products and services to their customer base. Participating institutions will also receive fee income from the phone services, thereby growing their asset base. In a time when deposit accounts are in high demand WCI can offer financial institutions the ability to attract the core deposit business that is crucial to their growth and development while at the same time generating new revenue streams.
This Business Plan has been prepared solely for information purposes and to inform investors and prospective investors who view or receive this Business Plan of investment opportunities. Under no circumstances shall this Business Plan be deemed or construed to constitute a solicitation or offer by Wireless Capital Innovations to buy or sell any securities, futures, options, membership interests or other instrument or to provide any investment advice or service; and it is not intended to be the basis of any investment decision. Wireless Capital Innovations does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Business Plan. Moreover, many of the projections and financial analyses herein are based on estimated financial performance prepared by or in consultation with Wireless Capital Innovations and are intended only to suggest reasonable ranges of results. The recipients of this material should not rely on the information mentioned herein and should perform their own due diligence examination of Wireless Capital Innovations prior to making an investment decision.
For a downloadable copy, please complete the form on the following page (section PPM). Click Here
This document is only for viewing purposes. If you are interested in investing, please call (603) 413-6093 and a full version of the document will be mailed to you.