Magazine article American Banker

Glyph Updates Apps Designed to Influence Top of Wallet

Magazine article American Banker

Glyph Updates Apps Designed to Influence Top of Wallet

Article excerpt

Byline: Mary Wisniewski

As consumers start to make purchases from their mobile device, making it to the top of a customer's digital wallet will be ever more important to financial institutions. Delivering spend management advice could be key to achieving that coveted top-slot position.

One business taking this approach is Glyph, a Detroit-based startup that designs consumer-facing software that suggests which credit card to favor based on the rewards tied to the plastic and the purchase category the consumer makes at checkout.

"We are building piece of wallet," Mike Vichich, chief executive, tells BTN. "We want to provide the intelligence."

Glyph, which supports more than 300 cards, announced Wednesday the release of an update to the iOS app it first launched last November. The mobile app works like this: After a user tells the app which type of credit cards he owns, he can tap on a button labeled "Guru" to get payment guidance. The app uses the smartphone's GPS to map out nearby stores and ranks the credit cards to use at each one from most rewards for a category, like gas, to the least. Guru also makes recommendations for online stores.

In its inaugural design, Glyph required users to manually enter some data in order to see which credit card offered the most rewards for buying something. "Frankly, we knew it wasn't an ideal situation," says Vichich.

With the update, that physical labor goes poof so long as a consumer connects his financial accounts into the app through a button labeled "wallet." Yodlee powers the financial account linking. "We are able to link and show credit card balance, limit and utilization for each card in the wallet," he says.

Vichich ultimately wants to build a platform like Google AdWords where issuing banks could bid for individual consumers' business. "That's a longer-term vision of Glyph," he says. …

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