Welcome to episode 26 of the CU 2.0 Podcast.
Just say no more to overdraft fees. And make this decision good for your members and also good for your credit union. You may even grab a few customers away from Chase and the other money center banks.
That’s the promise of fintech startup Grain Technology.
In this podcast Grain co-founder and COO Carl Memnon tells about the company’s proprietary algorithm that lets it devise strategies for making fast loans to users who are about to trigger an overdraft charge and to also help those users find easy ways to start saving.
The latter is the why behind the company’s name – users will see their assets and their credit score grow “grain by grain,” said Memnon.
Memnon also talks about being in the Arizona fintech sandbox and the benefits for a small startup in playing in this sandbox.
Grain is actively seeking to align with credit unions that want to offer its overdraft protection service to members. In the podcast, Memnon tells about the benefits to credit unions but a big plus is having cool technology that in effect lets the member know they will see no more overdraft fees.
Listen up, you’ll find plenty of interest in this podcast.
BTW, the sirens you’ll hear are ambient noise in New York where Memnon was during the call. If you’ve spent any time in New York you won’t even hear the siren. I couldn’t scrub it out so decided just to enjoy the New York moments.