Here’s How the Lab at MSUFCU is Driving Innovation

In the ever-evolving landscape of financial services, technological innovation remains a critical driver of growth. It is the engine that propels banks and credit unions to deliver superior service, offer personalized experiences, and meet the increasing digital demands of today's customers. As competition stiffens and consumer expectations rise, financial institutions that fail to innovate risk falling behind.

One credit union that has recognized this mandate for innovation is the Michigan State University Federal Credit Union (MSUFCU). They have established the Lab, a center of creativity and technological advancement. Positioned at the forefront of the current banking environment, The Lab serves as a beacon of pioneering thought and action within MSUFCU.

The Lab's sole purpose is to identify, create, and execute innovative opportunities that can be developed into advanced financial technologies, products, and services for members and employees alike. This purpose not only enhances the credit union's capabilities but also shapes the future of banking as we know it.

Here, we'll explore a few of The Lab's innovations. We'll also analyze what its progress means for MSUFCU and what its pioneering innovations could mean for the wider banking industry.

The Changed Mobile App

The Changed Mobile App is one of MSUFCU's innovative solutions developed within The Lab. This app is designed to aid members in managing and reducing their financial obligations such as mortgages, personal loans, auto loans, and even student loans.

It operates on the principle of utilizing "spare change" from daily purchases for additional loan payments. A purchase made through the app is rounded up to the nearest dollar and the difference is allocated toward the member's debt.

The app automatically transfers funds from the member's MSUFCU account to their Changed account once roundups exceed $5. Upon reaching a balance of $50 in the Changed account, a payment is made towards the member's loan(s).

This automation allows users to effortlessly chip away at their debts, reduce risk, and potentially pay off loans faster.

GreenPath Financial Coach

The GreenPath Financial Coach is an innovative tool designed to empower individuals in their financial journeys. Utilizing advanced artificial intelligence, this virtual coach offers personalized guidance 24/7 across various devices, allowing users to improve their credit scores, reduce debt, and cultivate sound financial habits.

The platform operates via a text-based interface, ensuring an empathetic and caring coaching experience. Financial goals can be established and subsequent actionable steps are identified to achieve these goals.

This signifies an important stride in financial technology, providing increased accessibility and personalized financial assistance to users at any location and time.

Financial Insights

The Financial Insights tool provided by MSUFCU is a comprehensive program designed to increase users' financial literacy and awareness.

This tool, currently in its pilot stage, offers personalized monthly financial insights to its users. It aims to provide a holistic picture of one's financial health, drilling down into the impacts of various financial decisions such as subscriptions and annual payments.

The ultimate goal of this tool is to empower users to make informed decisions that can guide them on a path to financial success.

Tandem

Tandem, an application introduced by MSUFCU, presents a novel approach to managing and settling expenses within a shared financial context. The app works by securely integrating with your credit and debit card transactions, allowing users to easily divide costs.

Its functionality is flexible and adaptable to the unique financial management strategies of each user.

Tandem has proven its effectiveness, aiding thousands in the smooth division of substantial financial expenditures. MSUFCU members are also provided with the opportunity to explore the premium features of the app, free of charge, for a three-month duration.

Debbie

Debbie is a mobile application designed to assist users in paying off debt by incentivizing them with a unique rewards system.

As users complete financial tasks and advance through the app's educational modules, they accumulate points that can be converted into cash. These modules not only assist users in managing their debt but also promote long-term financial habits and literacy through lessons in behavioral psychology and financial concepts.

The app also provides features for tracking debt repayment and savings progress.

Access to Debbie's services requires an MSUFCU membership, validated during the registration process.

Stay Tuned for Future Innovation by MSUFCU

As we have seen, MSUFCU's commitment to innovation remains steadfast, continuously pushing the boundaries within The Lab.

The Lab, as the wellspring of new ideas and capabilities, will likely reveal more groundbreaking products and services in the future. These new initiatives will not only benefit MSUFCU's members but could potentially transform the broader landscape of financial services.

It is worth noting that members of the credit union, and possibly others, can actively participate in the shaping of such future advancements. By filling out a form on the MSUFCU website, one can become part of various pilot programs, contributing to the evolution of next-generation banking solutions.

To learn more, don't miss Future Digital Finance 2024. The event is happening from April 2nd to April 3rd at the Hyatt Regency in New Orleans, Louisiana.

Download the early agenda and register for the event today.