equipifi | Checking accounts with purchasing power for FIs

An account with purchasing power

Standard checking accounts provide consumers with static snapshots of their cash flow position. Turn them into cash flow accounts by unlocking flexible funds with equipifi, enabling financial institutions to

Provide real-time purchasing power for checking accounts holders
Generate interest income on cash flow management activities
Unlock credit capabilities through cash flow instead of credit scores

Instant access to flexible funds

A little more money at the right time can mean a lot. Flexible funds on checking accounts provide consumers with the ability to bridge the timing between deposits and expenses. Cash flow accounts through equipifi can:

Access funds on-demand through  pre-qualified loan offers
Be always-on and self service through the digital banking experience
Set the checking account as the center of the budgeting experience

An integrated banking experience

Designed to deepen banking relationships, equipifi’s cash flow accounts direct consumers to the banking app to view, accept, and manage their offers for extra funds. Consumers are more likely to:

Turn to their banking app to budget for and finance purchases
Increase the value of their digital engagement through repeat program usage
Discover other banking products beneficial to their purchase decisions

How does it work?

No credit check. No application. Fully automated.

Choose amount

Once connected, all checking accounts have flexible funding capabilities. Consumers receive pre-qualified offers for funds up to their full purchasing power in the banking app.

Select terms

After choosing the funding amount, consumers select and agree to repayment terms for the installment loan.

Accept and get funded

Flexible funding offers can be viewed and accepted in seconds. The selected amount is then deposited in moments, and the consumer's purchasing power is recalculated.

FirstFunds by First Credit Union

FirstFunds delivers an always-on flexible funding program so consumers turn to their credit union first

Extra funding needs can occur anytime, anywhere. Make flexible funding digitally available so consumers can engage on their own terms.

Challenge

First Credit Union knew members needed a small dollar loan product. They wanted to provide it in-house to keep engagement within the credit union. Their previous product was only available in branch, and became costly due to its origination cost.

Solution

With equipifi, First Credit Union launched FirstFunds to meet their members’ needs through a fully digital product. It was embraced across the membership, with 25% of initial uptake through organic discovery. FirstFunds not only covered its cost, but contributed to the bottom line.

FAQs

Who writes the loans that finances these plans? You do. equipifi is the platform that enables, embed, and automates the processes that provide flexible funding. The installment loans that finance these loans are originated and serviced by your institution.

How soon can I expect to see usage? Most financial institutions see immediate organic discovery and usage of the program upon going live. equipifi provides automated offer notifications, seasonal marketing campaigns, and other growth tools to help drive awareness and adoption.

Can I brand my program to fit internal naming conventions? Yes. Your solution is white labeled and fully branded. The default naming convention for cash flow accounts is Plan Your Purchase, but it can be adjusted to your preferred program name.

Can I set limits on how much can be borrowed through the program?

equipifi’s platform help you make your program work for you. Parameters can be adjusted on both account and institutional levels so that you are generating offers that are aligned with your risk tolerance and institutional goals.

Can this program be launch with other solutions?

Yes. In fact, flexible payment is most effective when launched across multiple banking products. equipifi customers see higher engagement and program ROI with expanded use cases and availability.

You can expand your flexible payment program at any point, with no additional integration needed. equipifi will calculate and update purchasing power based on a consumer’s usage of available equipifi products across your banking solutions. To learn more, reach out to sales@equipifi.com.

What if a loan isn’t paid?

Like an unsecured loan, if a flexible funding loan is unpaid, it will enter the same workflow as other loans that become delinquent within your financial institution. Typically, consumers that have loans in delinquency will no longer receive flexible funding offers. Program parameters are modifiable based on your institutional preference.