SpringFour is proud to report out on our partnership with U.S. Bank. This partnership is a model for how financial institutions can engage their customers to provide financial health resources and see benefits for their customers, their employees and the bottom line for the bank.
SpringFour and U.S. Bank first partnered in October of 2016 to bring local financial health resources to their mortgage customers. They have seen impressive results. Click here to read the full report.
U.S. Bank recognized that their mortgage customers who were in distress needed additional assistance. They wanted a solution that could not only help address the root causes behind their borrowers’ financial distress, but could also be provided by customer service Agents within the Bank. SpringFour provided an opportunity to utilize technology to easily assist customers across the country.
Not only has U.S. Bank been able to provide assistance to their customers, but they have also seen great benefits for the Bank. U.S. Bank has seen benefits in enhanced customer service experience, increased participation in foreclosure prevention activities, and increased repayment rates.
The partnership has already received recognition as a finalist for the BAI Global Innovation Award in the Breakthrough Collaboration in Financial Services Category.
“S4desktop empowers our agent effectiveness beyond traditional collections and workout strategies. With the additional help of local resources, our customers are more likely to gain control of their expenses and overcome financial difficulty.” –Scott Rodeman, SVP, U.S. Bank Mortgage Servicing, Default Operations
SpringFour is extremely proud of our partnership with U.S. Bank. To learn more about how you can bring these benefits to your customers and your company, contact us. We’d love to talk to you.
We have had an amazing year at SpringFour. We are thankful. It’ s a year in which we have seen new customers adopt our technology, and existing customers fully implement and see impressive result for their borrowers and their repayment rates. We’ve received a lot of outside validation that our work is important and significant. As a founder, I could not be more proud of our team and our impressive results. This year we are on pace to make more than 1 million referrals to financial health resources.
What does that tell us? More and more families are searching for ways to save money and need help meeting their monthly expenses. We believe that helping to route people to non profit and government resources is absolutely critical to helping people achieve better financial health. And it doesn’t have to be complicated.
Our technology makes it simple and easy for our subscribers to make referrals part of their workflow. For example, U.S Bank now uses SpringFour in every single interaction that they have with in their mortgage servicing operations. Why? Because it helps their customer service agents provide better customer service, it demonstrates to their borrowers that U.S. Bank is committed to helping them succeed, and it increases foreclosure prevention activities and drives better repayment rates. Simple steps that lead to significant results.
LendUp provides its borrowers with SpringFour referrals because they understand that if they want to get repaid; it’s in their best interest to help their borrowers reduce their household costs. And, the best part about it? Their borrowers are not only able to save money because of SpringFour referrals, they feel better about LendUp too. Borrowers who receive help from their lender feel better because their lender has made the effort to not just loan them money but has taken the time to understand that they might need help.
We are seeing more and more companies take an interest in financial health and looking for ways to help their customers or employees live better financial lives. Just today, Prudential had a full-page ad in the Business section of the Chicago Tribune urging employers to think about how to build better pathways to financial health and to join them in their work with the Aspen Institute.
That is very exciting for us at SpringFour. We’ve known for a long time that people’s financial lives can be complicated and messy. Typically, it’s not just one bill or issue that gets in the way of better credit scores, or staying current on their mortgage. That’s why we built the technology that allows our subscribers to address the root causes behind a person’s financial challenges and have over 30 different categories of resources available. Living paycheck to paycheck is complicated, but with SpringFour our resources make it simple to help people in times of need.
The SpringFour team works hard each and every day always certain to keep financial health at the forefront of every decision we make. Whether that’s adding new service categories as we understand the issues facing consumers or working on product enhancements and features that will drive engagement with our applications, we know that each decision must result in the ultimate goal of directing people to organizations, resources, and products that will help them achieve better financial health.
This year, we are especially thankful that more and more companies recognize that creating opportunities for financial health is best for everyone. And we are extremely grateful for those partners that we are already working with to help more and more families move beyond paycheck to paycheck.
Rochelle Nawrocki Gorey
Co-Founder & CEO
On October 5, SpringFour had the privilege to participate on a Fintech Panel hosted by the Center for Financial Security at University of Wisconsin – Madison. The panel entitled “FinTech: Innovations for Family Financial Security” explored the potential for financial technology to address the needs of underserved consumers. This is obviously a topic close to the heart of all that we do at SpringFour, and we were excited to present our work and think together about how financial technology can continue to innovate in this segment.
We were joined on a panel by other financial technology companies including, Shift Savings, American Family Insurance, M1Finance, and SafetyNet. Each of us presented on our technology solutions, and how we specifically were addressing the needs of underserved consumers. After the panel, there was a lively discussion and Q & A with the audience.
Photo: Rourke O’Brien moderates the panel including Mark Greene, Ryan Rist, Michael Savino, Katie Donohue, and Craig Sweeney
The event also included keynote speaker, Ida Rademacher, Executive Director of Aspen Institute Financial Security Program. Her remarks centered on what is the role of FinTech for expanding financial inclusion, and how technology and policy can together address needs of the underserved.
Photo: Dr. J. Michael Collins leads the Q & A with Ida Rademacher
It was an energizing day filled with big ideas. Lots of great discussion was had with students, community members, researchers, and leaders in the financial technology space. We’re excited to see innovative programs for students who want to address the needs of the underserved through new technology. It is also great for SpringFour to contribute to the conversation and share our story.
We know that we are bringing about real financial change to those who need it. Using financial technology to bring financial resources and opportunities to the underserved is essential. As technology becomes ever more prevalent in the financial services space, we can use it to break down barriers and bring services to communities and individuals who may not have had access before. SpringFour has been doing this since 2005, and is excited to continue to innovate in this space.
Katie Gottschall Donohue, Vice President, Strategy and Operations