Credit Unions are something classic and old-fashioned. Yes, most of them have mobile apps for their customers, but those apps have a standard set of features and possibilities.
And vice versa, fintech companies are adopted by many customers worldwide and able to deliver them cutting-edge solutions.
‘How to combine old school and new wave for customers’ benefit?’
This question is already answered by some U.S. Federal Credit Unions! They partnered with U.S. based Billshark and Lemonade fintech startups to give their customers more benefits and provide them with more opportunities without even leaving CU’s app.
What is Billshark?
This service helps people to save on their recurring bills, like Cable or Satellite TV, Internet, Security, Mobile Telecommunications. Billshark charges a flat fee for its services (40%). It works very simply:
1. Upload bills snaps via mobile app.
2. Billshark negotiates those bills.
3. Save with new optimized bills!
The average savings is about $1500 and the maximum claimed savings to date is $5700.
“Our original mobile and online banking solution was ugly and difficult to use,” said Oliver Hill, director of IT at Georgetown University Alumni & Student Federal Credit Union. “Our credit union’s average member age is 22, so we don’t have an option to not offer best-in-class technology.”
“Members are able to the enjoy the modern user experience and value-added benefits of fintech, all while using their credit union mobile or online banking application,” said Narmi co-founder Nikhil Lakhanpa.
Now CU members can upload their bills to negotiate right through CU’s app and save with Billshark right there too.
What is Lemonade?
Lemonade is New-York based InsurTech startup backed by SoftBank, which closed a leading $120 mln round right before last year Christmas. Lemonade uses AI and bots to replace any insurance paperwork and optimize claim process for homeowners and renters. If a customer currently has some insurance, Lemonade will cancel it, which helps to save even more.
This service works simply:
1. Answer a few questions about general details (name, date of birth, home address etc.)
2. List the property for insurance.
3. Pay monthly flat fees (from $5/month for renters and $25/month for homeowners).
4. Get paid for a claim within 3 seconds (in 25% of cases).
“Members can simply flip a switch in the settings of their app to toggle these features. All a member has to do is be an enrolled member in our credit union’s mobile or online banking platform,” said Oliver Hill, CEO of Georgetown University Alumni & Student FCU. “They will have access to bill negotiation services and affordable property insurance all in one experience.”
“I’d like to see run-rate 15 percent adoption for these apps,” said Hill. “But because of our younger demographic, this number could be higher.”
Author: ASD team