Credit unions and academia join forces to generate loans
MADISON, WI (April 3, 2014) — Filene Research Institute, the University of Michigan Credit Union and the University of Michigan are teaming up to design a mobile loan application for financial consumers. The application expands on MyDime, an idea that gives consumers flexibility in structuring their loans introduced by a team of credit union executives in Filene’s i3 innovation program.
“Credit unions have a proud history of supporting cooperation and collaboration within our movement,” said Andrew Downin, innovation director at Filene. “The collaboration between the MyDime Filene i3 innovation team, the University of Michigan and the University of Michigan Credit Union shows that the spirit of cooperation can extend beyond just other credit unions, with positive results.”
As part of the University of Michigan’s Mobile@Michigan program, computer science students, University of Michigan Credit Union employees and the Filene i3 MyDime team will work together to develop the mobile application.
“University of Michigan Credit Union serves the students, faculty and staff at the University of Michigan,” said Andrea Mosher, vice president of lending at University of Michigan Credit Union. “The opportunity to work with computer science students and others over a one-year period through the university’s Mobile@Michigan program felt like a great direction to take with the development of MyDime, as we needed tech-savvy talent with access to resources to create our mobile application.”
With MyDime, consumers can adjust the length of their loan terms or pinpoint exact monthly payments to see how certain loan terms fit in their budgets and affect their credit. The new mobile application will enable consumers to customize and apply for loans across multiple credit unions at the same time in a convenient shopping experience similar to an Amazon marketplace.
The Filene i3 team selected students to work on this program based on resumes and recommendations of a faculty advisor. The innovators along with their student counterparts meet on a regular basis to set milestones, discuss progress and modify tactics when needed.
“Our Filene i3 team benefits by leveraging the minds and skills of bright students to develop a relevant financial product,” said Mosher. “Students get the opportunity to work with organizations in internship roles to develop something that may eventually be commercialized while earning credits toward their degree. This unique partnership will be the greatest factor in the success of our concept.”
Learn more about the MyDime loan structuring idea at filene.org.
Filene Research Institute is U.S.-based independent, consumer finance think and do tank dedicated to scientific and thoughtful analysis about issues affecting the future of credit unions, retail banking and cooperative finance. Founded 25 years ago, Filene is a 501(c)(3) nonprofit organization. Nearly 1,000 members make the nonprofit’s research, innovation and impact programs possible.