Banks and credit unions use FinLocker to improve the financial lives of customers and members

FinLocker helps banks and credit unions meet CRA obligations

We pride ourselves on being an innovative and effective Community Development Service under the Community Reinvestment Act (CRA). We will help you meet Community Reinvestment Act (CRA) obligations for lending and service test credits that benefit low- and moderate-income (LMI) residents and communities.

Your customers can use your private-labeled FinLocker app to manage all of their financial accounts in one place.

Tools in the FinLocker financial well-being platform expand consumer access to credit.

An extensive library of educational videos and articles inside the FinLocker app on homeownership, auto loans, and credit management improves financial literacy.

Empower your customers to improve their eligibility for credit and prepare for loan qualification with:

    • Credit monitoring
    • Credit management
    • Customized budgeting tools
    • Mortgage affordability calculators
    • Mortgage readiness assessment

By providing FinLocker to low-to-moderate income (LMI) customers:

    • Large and intermediate small banks can obtain CRA consideration under their service or community development test
    • Small banks can boost their ratings from satisfactory to outstanding based on “providing services that enhance credit availability in their assessment area(s)” Interagency Q&A § __.26(d)—1

Partnering with FinLocker is a cost-effective way to receive CRA consideration

Loans originating from LMI consumers using a bank-issued FinLocker are eligible for consideration under the lending test’s borrower and/or geographic distribution components.

Banks should receive quantitative community development service consideration for your total cost of FinLocker accounts purchased for LMI consumers.

You will also receive qualitative consideration for providing FinLocker to your LMI consumers.

      • FinLocker is a unique private-label tool that helps consumers manage their finances so they may ultimately qualify for a loan
      • FinLocker features help banks receive consideration for being innovative and responsive to the credit needs of their communities

See how FinLocker can expand access to credit for more of your consumers.

FinLocker maximizes cross-selling potential

Cross-selling isn’t just about revenue growth.
It’s about retention and cultivating a relationship with your customers.

In today’s competitive banking environment, attracting new customers is critical, but retention will make or break your business. The cost to acquire a new customer or member is undoubtedly high. To maximize your ROI, you need to focus on improving your relationship with your current customer or member base.

Gone are the days where you could rely on traditional in-person opportunities to establish customer relationships and offer additional products and services. Foweard thinking financial institutions are embracing financial technologies that deepen customer ennagement to expand cross-selling opportunities.

FinLocker leverages customer permissioned data and proprietary analytics to provide financial institutions with the opportunity to cross-sell relevant products and services to your customers via a unique, high-tech, high-touch platform.

Your customers will be engaging with your branded private-labeled FinLocker platform to improve and maintain their financial health, helping you increase their level of engagement while enhancing customer relationships and revenue growth.

Repeat customers tend to increase their spend at a company over time.