One Detroit Credit Union (One Detroit), a $56 million financial institution serving over 12,000 members in Michigan, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.
One Detroit has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, One Detroit will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. One Detroit’s BNPL program serves its members through their shopping journey, and includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans. Using equipifi, One Detroit also keeps the member engagement, loan activity, and interest income generated from its BNPL program in house.
“Our mission at One Detroit is to impact and change lives, and that means providing our members with credible and fair financial products that meet their needs and exceed their expectations,” said Kyle Zagunis, Director of Operational Strategy and Innovation at One Detroit. “With the launch of our own BNPL program through equipifi, we are ensuring that our members are being served by a financial institution that understands them, and showing them our commitment to their financial wellbeing.”
“Credit unions have been redefining what consumers can anticipate from Buy Now, Pay Later, and are consistently outperforming third-party BNPL solutions when it comes to their membership,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, One Detroit is not only providing an innovative and intuitive flexible financing tool their members prefer, but also being the trusted financial institution members can turn to whenever they need.”
Over sixty credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 79 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the US, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.
About One Detroit Credit Union
Founded in 1935, One Detroit Credit Union is dedicated to serving the financial needs of its members with a focus on community development and support. As a Minority Depository Institution (MDI), and Community Development Financial Institution (CDFI), non-profit, member-owned institution, One Detroit provides credible, fair and reasonably priced financial products and services to the Detroit community, with a special concern for those who have been overlooked by the mainstream banking system. With a rich history spanning nearly 90 years, One Detroit Credit Union offers a wide range of financial products and services designed to help members achieve their financial goals. Membership is open to all who live, work, worship or volunteer in Wayne, Oakland, Macomb and Washtenaw Counties.
About equipifi
equipifi is the leading Buy Now, Pay Later (BNPL) platform for financial institutions in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit http://www.equipifi.com/.
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