Southern Chautauqua Federal Credit Union (SCFCU) has partnered with Charlotte-based fintech Salus to enhance financial access for ALICE (asset limited, income constrained, employed) households through data analytics.
Through the partnership, the credit union says it has adopted Salus’ Sentinel data analytics solution to “identify successful lending patterns and expand access to affordable financial services”.
SCFCU will use the technology to expand its lending to ALICE households across its common bond of Western New York.
The credit union provides a wide range of loan and account services, including home equity line of credit (HELOC), mortgages, and consumer loans, as well as digital services such as bill pay and a home banking mobile app.
Founded in 1954, SCFCU currently boasts a 16% capital ratio, total assets of $141 million, and a return on assets (ROA) rate of more than 2%, serving over 20,000 members across Chautauqua County.
Existing partners of the credit union include Sharetec for core banking, Larky for push notifications, Green Check for compliance, and Zogo for financial literacy programmes.
This latest technology selection is said to have resulted from a “chance meeting” between SCFCU CEO John Felton and Salus founder and CEO James Chemplavil at a conference.
“Our platform will help them scale their impact by identifying the characteristics that predict success, allowing them to serve more people in need while maintaining their impressive performance metrics,” comments Chemplavil.
Source: https://www.fintechfutures.com/
