CU 2.0 Fintech Friday: Envel

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Envel to discuss all things credit union, fintech, and digital innovation.

Envel seeks to help people practice healthy spending and saving habits with a mobile bank app. The service works to curtail reckless spending by building daily and weekly budgets based on a person’s financial situation.

Envel has a very strong social mission that aligns with the philosophy of credit unions and community banks. They want to help their members consolidate their finances and regain control. Envel licenses its technology to financial partners who share their mission.

Sometimes people who spend too much money need limits—a hard stop. While the app automatically creates a monthly budget, one of its stricter controls can actually cut off access to funds for a short period of time. Founder Dimitri Artamonov claims that the dream scenario is to be in a shoe store with a $500 pair of boots, getting their card declined and feeling embarrassed in front of the entire line. “That’s the kind of emotional support people need,” he says.

If this sounds like an intriguing credit union–fintech partnership, check out the video and company snapshot below!

Credit Union Fintech Snapshot: Envel

Top 3 Problems Solved

  1. Budgeting
  2. Saving
  3. Curtailing spending with a hard stop

Envel Co-Founder: Dimitri Artamonov

Envel Market Strategy

Credit unions and community banks.

Credit Union Fintech: Envel in the News

Envel uses AI and behavioral insight to protect consumers from themselves

Consumer behavior drives new financial technology

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other fintechs in the series here!

Credit Union Fintech Series: CU 2.0 & Edmit

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Edmit to discuss all things credit union, fintech, and digital innovation.

Choosing a college or university is already a long, difficult process. Not only do prospective students have to navigate the intricacies of various school’s areas of emphasis, academic climate, and social scene, but they also have to worry about location and logistics.

Edmit looks to simplify the process across the board. By analyzing available financial data and academic goals, Edmit seeks to provide prospective students with the information they need to choose the academic institution that’s right for them.

Founded by former university leaders, Edmit offers personalized insight and advice to help families find colleges that meet their academic goals and are within their financial means. Families that use Edmit make smarter college choices, leading to less debt and better earnings outcomes.

Especially at a time when students are graduating with more debt than ever, but in which wages haven’t increased to meet that level of debt, it’s more imperative than ever to make healthy financial decisions when searching for the right university. Using Edmit ensures better financial stability after graduation.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Edmit snapshot below!

Credit Union Fintech Snapshot: Edmit

Top 3 Problems Solved

  1. Ease college search
  2. College planning
  3. Financial planning

Edmit Founder: Nick Ducoff and Sabrina Manville

Edmit Market Strategy

Financial institutions and college-bound families.

Credit Union Fintech: Edmit in the News

Edmit models college-shopping on home-buying principles

Edmit helps families understand the price of university education

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other fintechs in the series here!

Tropical Financial Credit Union turns to spare change to help make a dent in the student loan crisis

For Immediate Release

Media Contact:

Todd Templin or Lauren Berger

BoardroomPR

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

lberger@boardroompr.com

Students can take six years off a repayment term saving up to $14,000 using new technology introduced last year on Shark Tank

MIRAMAR, Fla. – (September, 2018) – Tropical Financial Credit Union is making it easier and faster for former college students to unburden themselves of crippling student debt, a few pennies and nickels at a time.

Americans owe nearly $1.5 trillion in student loans, which tops annual credit card and auto loan debt in the U.S.  According to StudentLoanHero.com, last year’s graduating class has an average loan balance of $39, 400, up six percent from the year before.  That figure doubles when you factor in 6.8 percent interest over a 25-year repayment term.

Now, the credit union is offering its student-loan paying members a solution to pay down their debt years sooner, saving them thousands of dollars in interest payments.

The Tropical Financial Student Round Up powered by ChangEd app converts one’s spare change into additional loan payments.  Members who sign up simply link their debit/credit cards to the app, and then every time a purchase is made, the amount is rounded up to the nearest dollar.  That spare change is set aside into a special FDIC-insured account. The rounded-up money maxes out at $10 per day.  Once the balance hits $100, the money is sent to the loan servicer and goes towards paying down the student loan.

“You spend $2.45 for a cup of coffee and 55 cents goes towards the student loan. Three cents here, 45 cents there, and soon it adds up,” said Amy McGraw, vice president at Tropical Financial.  “These borrowers could pay down their loans quicker if they regularly made additional monthly payments, but that takes disciplined planning and budgeting which is easier said than done.  We are providing a less stressful and more realistic solution using pocket change that won’t likely be missed.”

The technology was developed by a Chicago startup called ChangEd which received a significant investment by Mark Cuban last year during an appearance on the ABC program, Shark Tank.   The company says users can cut six years off of their repayment term and save $14, 000 in payments.

Tropical Financial Credit Union President/CEO Rich Helber said, the Student Round Up app signifies another way the not-for-profit financial cooperative is helping its members grow their personal wealth.

“The piling up of student debt is a crisis in our country,” said Helber. “Many people are still paying off loans well into their 40s and 50s affecting their ability to reach some personal milestones such as buying a home, getting married, or starting a business.  With this new technology, we are here to help our members relieve the burden a bit so that they achieve their milestones and financial goals.”

Anyone who opens a checking account at Tropical Financial Credit Union is eligible to use the app at no cost.  Even family members can sign up and direct their spare change to their loved one’s student loan balance.

For more information, visit tropicalfcu.com/changed.

About Tropical Financial Credit Union

Based in Miramar, Florida, Tropical Financial Credit Union is a not-for-profit financial institution whose deposits are federally insured.  Anyone who lives or works in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Lee, Collier, Hendry and Sarasota Counties is eligible to join. Tropical Financial Credit Union was formed in 1935 by employees of the former Southern Bell with just a few hundred dollars and has grown to over $659 million in assets.  For more information, log on to www.tropicalfcu.com.

Credit Union Fintech Friday: CU 2.0 & Energetic Insurance

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with James Bowen, co-founder of Energetic Insurance to discuss all things credit union, fintech, and digital innovation.

The mission of Energetic Insurance is simple: they want to unlock solar financing options for unrated or below-investment-grade organizations. Their insurance policy is for asset owners, banks, credit unions, and developers who want coverage for offtake repayment risk as well as lost revenue on projects where there is a default on payment obligations.

Energetic Insurance aims to make it easier for solar and other renewable energies to gain funding. In the case of businesses with no or low-credit ratings, Energetic Insurance analyzes over a hundred years of electrical use data to better contextualize risk.

They’re a great partner for credit unions for two reasons: first, as lenders, credit unions benefit from the risk underwriting done on the part of Energetic Insurance. Energetic Insurance provides a better understanding of an organization’s ability to repay funding for energy projects. Second, both credit unions and Energetic Insurance emphasize the importance of social responsibility in business, so their philosophies align.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Energetic Insurance snapshot below!

Credit Union Fintech Snapshot: Energetic Insurance

Top 3 Problems Solved

  1. Sustainable energy project financing
  2. Energy industry risk assessment
  3. Saving the planet

Energetic Insurance Founder: James Bowen and Jeff McAulay

Energetic Insurance Market Strategy

Community banks and Credit Unions

Credit Union Fintech: Energetic Insurance in the News

Energetic Insurance look to de-risk commercial solar

Energetic Insurance disrupts energy finance cycle

 

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other fintech in the series here!

CU 2.0 Fintech Friday: Coalesce.ai

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Greg Woolf from Coalesce.ai to discuss all things credit union, fintech, and digital innovation.

Coalesce.ai helps credit unions introduce the power of AI and machine learning into their operational ecosystem. Their platform utilizes User-Defined Machine Learning, which allows clients to train Coalesce.ai’s automation platform how to gain expertise in a certain set of tasks.

Coalesce.ai’s systems helps credit unions and financial industries reduce error and increase efficiency while saving time. By reducing or eliminating the possibility for human error and the necessity for manual labor, Coalesce.ai lets ten credit union employees accomplish the work of a hundred.

For credit unions, Coalesce.ai found that “the operations of a financial services firm like a credit union today requires—especially in the middle and back office—a lot of tedious, manual, repetitive work: opening spreadsheets, scanning emails, filtering through PDF documents. And with this new AI technology, we’ve been able to automate the way that some of that gets done at credit unions.”

If this sounds like an intriguing credit union–fintech partnership, check out the video and Coalesce.ai snapshot below!

Credit Union Fintech Snapshot: Coalesce.ai

Top 3 Problems Solved

  1. Workflow automation
  2. AI and User-Defined Machine Learning
  3. Streamline operations

Coalesce.ai Founder: Greg Woolf

Coalesce.ai Market Strategy

Credit Unions.

Credit Union Fintech: Coalesce.ai in the News

Coalesce.ai introduces AI elements to workflows

Coalesce.ai works with IBM’s Watson

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other fintech in the series here!

Credit Union Fintech Friday: Vetter

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Vetter to discuss all things credit union, fintech, and digital innovation.

Vetter is an innovative tool built for credit unions and community banks to help them acquire and retain valuable members.

Vetter’s platform allows financial institutions access to a database of over 200 million people and 40 million businesses. Vetter leverages this massive amount of data to find and target eligible prospective members and customers.

From there, Vetter begins a personally-tailored advertising campaign to stay in front of eligible prospects. The real key lies in their onboarding program, which enables interested prospects to apply and onboard in 90 seconds.

The last step is that Vetter continues its strong data analysis over the course of a member’s or customer’s tenure with their financial institution. For example, it knows when someone gets married and can suggest home loan options, or when they have a second baby, it can suggest auto loans for the new SUV they might need.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Vetter snapshot below!

 

Credit Union Fintech Snapshot: Vetter

Top 3 Problems Solved

  1. Credit union member acquisition
  2. Credit union member growth
  3. Credit union marketing

Vetter Founder: Bryan Adler

Vetter Market Strategy

Credit unions and community banks.

Credit Union Fintech: Vetter in the News

The two most powerful aspects of Vetter

Vetter brings enhanced data analytics to credit unions

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other fintech in the series here!

Credit Union Fintech Friday: Keel

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Keel to discuss all things credit union, fintech, and digital innovation.

Keel is a tool to help investors make wiser decisions. Keel uses an account aggregation tool to keep up-to-date tabs on various integrated investor portfolios.

People can use Keel to better understand market nuances by following the pros. Keel integrates with brokerage accounts to reveal and analyze historical returns, risk profiles, and specialized sectors.

Also available through their platform are in-depth stock analyses and market commentary. In a way, Keel allows users and partners to choose financial services that work for them while also teaching them how to invest like the best. Lastly, Keel allows subscribers to view an aggregate of all their investment accounts to monitor overall investment performance.

As co-founder Sophia Lin says, “the next step is working with fintech companies, financial institutions, and credit unions to help them use this tool to see how they can better serve their clients.”

If this sounds like an intriguing credit union–fintech partnership, check out the video and Keel snapshot below!

Credit Union Fintech Snapshot: Keel

Top 3 Problems Solved

  1. Investment counseling
  2. Choosing a financial advisor
  3. Understanding the market

Keel Founder: Sophia Lin and Andrew Kelly

Keel Market Strategy

Credit unions, financial institutions, individual subscribers.

Credit Union Fintech: Keel in the News

Keel is the “Airbnb for Investments”

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other podcasts in the series here!

CU 2.0 Credit Union Fintech Friday: Project Finance

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Project Finance to discuss all things credit union, fintech, and digital innovation.

The reality is that most people are not very good at financial planning. Most of that stems from making poor financial decision, or not knowing which financial decisions to make.

Project Finance endeavors to change that by helping people better understand their money. Through machine learning and predictive analytics, they can learn a user’s financial situation and habits. After that stage is complete, Project Finance helps users figure out where and how to best allocate money to ensure a healthy future.

Project Finance goes a step beyond other financial advice apps by encouraging more proactive habits. Instead of asking users to define their own financial goals—which are often lenient, underinformed, or unrealistic—the software tells you which bills to pay when, which debt to pay off first, and how much to invest.

As Project Finance’s CEO Colby Ross explains, “Our software will identify, optimize, and then automate your financial decision-making process.”

If this sounds like an intriguing credit union–fintech partnership, check out the video and Project Finance snapshot below!

Credit Union Fintech Snapshot: Project Finance

Top 3 Problems Solved

  1. Financial counseling
  2. Financial planning
  3. Retirement saving

Project Finance Founder: Colby Ross

Project Finance Market Strategy

Credit unions, community banks, and banks.

Credit Union Fintech: Project Finance in the News

An interview with CEO Colby Ross

Project Finance featured on Finovate

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other podcasts in the series here!

CU 2.0 Fintech Friday for Credit Unions: Harbor

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Harbor to discuss all things credit union, fintech, and digital innovation.

Harbor is a better way to present financial advice. Harbor’s platform allows for a personalized touch with each prospect, which strengthens the bond between credit unions and prospective clients. Personalization comes in the form of highly-engaging financial quizzes, which collect and analyze data to assist with both financial planning and lead scoring.

After the initial point of contact, Harbor allows your credit union to stay in front of prospective clients with automated, personalized, and interactive content. Harbor learns about each user’s situation and gives you specific ideas about how you can provide value.

Harbor’s Prospecting Assistant helps you turn leads into prospects, and prospects into happy clients. Harbor seeks to help your credit union engage and attract new potential prospects, save time collecting data & qualifying leads, demonstrate your insight and value, and keep the conversation going.

Harbor is a fantastic way for credit unions to screen leads for financial planning and services, and it prepares you for productive initial meetings.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Harbor snapshot below!

Credit Union Fintech Snapshot: Harbor

Top 3 Problems Solved

  1. Prospecting
  2. Marketing
  3. Member engagement

Harbor Co-Founder: Colin Sidoti

Harbor Market Strategy

Credit Unions

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

CU 2.0 Credit Union Fintech Friday: StackUp

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with StackUp to discuss all things credit union, fintech, and digital innovation.

Nearly 50 million people in the United States use a financial advisor or a robo-advisor. Unfortunately, not all of those people know how their advisors are performing. Not only that, but they may actually be paying far more in fees than they thought they were.

StackUp analyzes portfolios to rate your financial advisor or robo-advisor. It uncovers hidden fees and lets you know about any negative activity or massive fee on your account. Finally, StackUp can help people understand if their advisor is right for them or if they’d be better served by another advisor.

The reason StackUp started was because as a former financial advisor, CEO and co-founder Jason Aronson became jaded by the lack of transparency between advisors and their clients. He created StackUp as a way to increase transparency in the financial advisory field. StackUp helps investors better understand their portfolios and evaluate their advisors against the field.

If this sounds like an intriguing credit union–fintech partnership, check out the video and StackUp snapshot below!

Credit Union Fintech Snapshot: StackUp

Top 3 Problems Solved

  1. Financial transparency
  2. Financial advisor comparison and evaluation
  3. Investing

StackUp Founder: Jason Aronson

StackUp Market Strategy

Banks, community banks, individual investors, and credit unions

Credit Union Fintech: StackUp in the News

Understanding StackUp’s service

StackUp ruffles feathers

StackUp helps out young investors

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

Check out other fintech in the series here!