What makes a successful partnership? Recently, Bank Director profiled our partnership with U.S. Bank as an example of what a successful bank+fintech partnership looks like. SpringFour embarked on our partnership with U.S. Bank in October of 2016 and the results have been significant.
The Bank Director article focuses on the efforts U.S. Bank has made to address their mortgage borrowers in distress, and the role SpringFour has played in these efforts. U.S Bank has seen impressive results as a result of incorporating SpringFour. As Scott Rodeman, SVP, U.S. Bank Mortgage Servicing, Default Operations, states in the article:
“Consumers that receive these referrals are twice as likely to engage in some kind of loan workout strategy with us rather than just allow the house to go into foreclosure,” he says. “That’s a significant number.” Mortgage borrowers that receive referrals are also 10 percent more likely to remain current with their mortgage. An equally important if less tangible benefit is that the program has enabled the bank to build a deeper relationship with its customers. “Coming out of the crisis, consumers were afraid of their mortgage servicers,” says Rodeman. “For us to see that kind of engagement rate increase shows that we’re building rapport and trust with our customers.”
This is not the first time that our partnership with U.S. Bank has been recognized. Additional accolades have included being named as a finalist for the Most Innovative Solution of the Year at Bank Director’s FinXTech 2018 Fintech Awards, and a finalist for the Breakthrough Collaboration in Financial Services at the BAI Global Innovation Awards. We are proud and humbled by these Awards.
We value each one of our partnerships and continuously work with our subscribers to make certain that with use of SpringFour’s applications, they are creating impact and helping their borrowers achieve financial wellness. If you want to talk partnership, best ways to increase financial wellness, increase repayment or social impacts, don’t hesitate to reach out. We welcome the opportunity to talk with you.
Katie Gottschall Donohue, Vice President, Strategy and Customer Engagement