Credit unions and banks use FinLocker to improve the financial lives of members

Attract younger members and create a lifetime of loyalty by empowering homeownership

The average age of credit union members was 47 years old in 2022, slightly younger than the average age of traditional bank customers, which is 53 years old. However, only 7% of all credit union members were 18 to 24 years old.*

Banks and credit unions can offer a private-label FinLocker as an incentive for younger consumers to join to improve their financial literacy, credit health and achieve their financial goals.

FinLocker can be used to increase loyalty. Consumers who work with a credit union or local bank are more likely to remain loyal in the future. The reasons?

  1. Trust – 58% of Americans trust credit unions and local banks.* This sentiment can be used to attract new members and drive loyalty to retain them, which can result in longer and more profitable long-term relationships.
  2. Personalization – 73% of consumers are willing to share their data with their bank or financial institution if it means receiving personalized customer benefits, such as personalized savings and investing strategy recommendations to achieve their financial goals and personalized digital dashboards, alerts, and monitoring of their financial accounts.*

FinLocker can be used to attract early-journey first-time homebuyers. In 2023, 75% of homebuyers age 25 to 33 years old bought their first home, 44% were aged 34 to 43, and 24% were aged 44 to 58, according to the National Association of REALTORS.* In 2023, 73% percent of Gen Z and Millennial borrowers said that being offered a mobile app influenced their decision to work with a particular lender.*

Financial tools empower consumers to improve their eligibility for credit and achieve homeownership

Credit management provides consumers with their credit score and credit report, receive updates and alerts, plus DIY tools to improve their credit score

Financial account management empowers consumers to add multiple checking, savings, investment, and retirement accounts and see all associated transactions in one place. Financial institutions can receive data insights into the number of accounts held by customers.

Trackable goal setting and budgeting tools to save for college, a car, or a home and link their financial accounts to track their progress

Personalized homebuyer journeys to help first-time homebuyers and turned down applicants overcome financial challenges to achieve homeownership. Homebuyers can learn their current status and track their progress toward being mortgage ready using the My Homeownership Snapshot, with a personalized action plan and tips to improve their mortgage eligibility

Mortgage affordability calculators provide prospective homebuyers with a monthly mortgage payment based on their income, compare different loan options, and the amount to save for their downpayment and closing costs

Branded real estate search keeps homebuyers away from using national real estate websites like Zillow, Redfin, and Rocket Homes, which promote the banking and loan products of other financial institutions

Simplified mortgage application process empowers consumers to share their financial data and documents from their app with their loan officer to get pre-qualified and start their mortgage application. FinLocker also offers an online assets, employment, and income verification service for applicants to submit their information in minutes for faster decisioning and reduced risk.

Ready to increase membership, create loyalty and empower homeownership?

FinLocker maximizes cross-selling potential

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

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

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

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

Your members 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 member relationships and revenue growth.