SAN FRANCISCO, October 23, 2023 – EarnUp, Inc., a financial wellness fintech company, announced today the availability of its EarnUp Engagement Platform, exclusively for credit unions to help drive member engagement through actionable solutions that automate savings, increase loan eligibility and improve overall financial health. The Platform supports CU’s financial stability and strengthens competitiveness.
An ecosystem approach to member value, EarnUp’s Engagement Platform features three key pillars of financial wellness automation: AI and automation tools, guidance and ongoing engagement. Credit unions can go beyond static financial literacy tools and offer members a way to automate better financial habits.
Through a conversational, dynamic personal financial advisor, credit unions can make reliable financial guidance accessible to their members. Credit unions can better assess members’ financial goals through interaction and the collection of relevant information, and then guide users to the appropriate actionable applications, such as a debt management solution, automated savings, or a loan officer to refinance existing loans.
Additionally, EarnUp empowers users to make flexible, incremental payments by taking a single monthly loan payment and dividing it into two, three, or four debits throughout the month, many choosing to sync with their payday. The platform also provides the option for automated savings. Users can direct their money towards a down payment on a home, emergency savings, or any other financial goal. Members can also opt to round up debit or credit card transactions to the nearest whole dollar. This helps members increase savings while also serving as a way for credit unions to boost deposits.
“High levels of debt impacts members in numerous ways and hinders homeownership,” said EarnUp co-founder and CEO Nadim Homsany, who points out that consumers owe trillions of dollars on credit cards, vehicles and student loans. “Solutions like EarnUp and our Engagement Platform automate a member’s ability to save, manage monthly cash flow, and build their credit score through timely bill payments. As a result, they can improve their financial health and performance, providing value for both the member and the credit union.”
Matthew Cooper, Co-Founder and President at EarnUp, adds, “Credit unions are facing greater competition, including national banks, fintechs and online brands who make it easy to switch providers for deposit accounts and loans. In fact, in March — the height of the bank closure scare — an estimated $550 billion in deposits moved from smaller institutions to big banks and money market funds. With EarnUp, credit unions have a way to differentiate and provide members with a meaningful service that drives financial stability while offering a proven deposit growth strategy.”
EarnUp can be offered as a suite, individual components, or special programs. With a fast, easy onboarding process, the platform requires little to no technology resources. Credit unions can see an immediate, measurable impact that results in high satisfaction rates. Furthermore, it is appropriate for all ages, levels of financial literacy and life stage.