Credit Union, Filene and University Developing Lending App
The Filene Research Institute said it will work with the University of Michigan Credit Union and the University of Michigan to develop an application that will allow credit union borrowers to have more flexibility when structuring loans.
The unnamed application would expand upon the MyDime application, which already provides consumers flexibility to adjust the lengths of their loan terms and determine more easily how a loan fits into their budget.
The new application will enable consumers to customize and apply for loans across multiple credit unions at the same time, the Filene Institute said when announcing the collaboration today.
“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 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.”
The Filene i3 team selected students to work on this program based on resumes and recommendations of a faculty adviser. 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,” Mosher said. “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.”