Engender trust and engagement by giving members real FICO scores
As Ser Tech’s Flitter Credit Network continues to expand its service offerings, it is demonstrating results that have more credit unions jumping on board. Flitter offers members real FICO scores, credit education, and loans through their financial institution’s online and mobile banking platforms.
“We wanted to help members manage and maintain a healthy financial lifestyle, and they expect their financial institutions to provide the tools, service, and information for that,” said Tony Hildesheim, chief information officer at $4.8 billion Redwood Credit Union in Santa Rosa, Calif. “Ser Tech’s Flitter allows us to do that for our members.”
Ser Tech developed the Flitter product in partnership with Hildesheim and Redwood, as well as FICO, to ensure it met community financial institutions’ needs. Redwood Credit Union services 344,000 accounts, including joint accounts, of which 190,000 are active in its online and mobile offerings. Of those, 112,000 members now have access to Flitter, which garners 63,000 user views per month by 24,000 unique members. “More and more consumers are paying attention to their credit scores,” Hildesheim said. “The members really appreciate it.”
“Flitter was designed to help consumers better understand their credit situation, which affects loan approvals and pricing,” Ser Tech CEO Shana Richardson explained. “It also helps credit unions and community banks to more closely engage with consumers and serve as a trusted partner in their financial lives.” More credit unions are seeing the value, too. The $3.4 billion TDECU in Lake Jackson recently signed on for Flitter, too, with a plan to go live before year-end.
Redwood CU already takes advantage of Ser Tech’s ProAct, which monitors credit risk across the financial institution’s loan portfolio and provides data for CECL compliance. Hildesheim appreciates Ser Tech’s client care and products, “so it was an easy decision for us to add Flitter. We have the capability in-house, but we decided at their price point to go with Ser Tech because it has the expertise in this space.”
Ser Tech offers Flitter as a single sign on and handles the heavy lifting or allows the financial institution to manage it themselves, which Redwood does, so the credit union can control the experience. In addition, implementation was “super easy,” Hildesheim added.
Ser Tech partnered with FICO to build the Flitter Credit Network. “With more than 200 financial institutions participating in the FICO® Score Open Access program, we can clearly see that those that partner with Ser Tech have really smooth program launches,” said Jenelle Dito, director at FICO. “We are always excited to work with a credit union that utilizes Ser Tech, because we know it will be a success.”
Ser Tech is an endorsed business partner of Credit Union Resources, Inc., a wholly owned subsidiary of Cornerstone Credit Union League.
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