MADISON, Wis. (4/4/14)--Filene Research Institute, University of Michigan CU and the University of Michigan are teaming up to design a mobile loan application for financial consumers.
The application expands on MyDime, an idea that gives members flexibility in structuring their loans introduced by a team of credit union executives in Filene's i3 innovation program.
As part of the University of Michigan's Mobile@Michigan program, computer science students, University of Michigan CU employees and the Filene i3 MyDime team will work together to develop the mobile application.
"University of Michigan CU serves the students, faculty and staff at the University of Michigan," said Andrea Mosher, vice president of lending at the $518 million-asset credit union in Ann Arbor. "The opportunity to work with computer science students and others over a one-year period through the university's Mobile@Michigan program felt like a great direction to take with the development of MyDime, as we needed tech-savvy talent with access to resources to create our mobile application."
With MyDime, members can adjust the length of their loan terms or pinpoint exact monthly payments to see how certain loan terms fit in their budgets and affect their credit. The new mobile application will help borrowers customize and apply for loans across multiple credit unions at the same time in a shopping experience similar to Amazon.
The Filene i3 team selected students to work on this program based on resumes and recommendations of a faculty adviser. The team and its student counterparts will meet on a regular basis.
"Our Filene i3 team benefits by leveraging the minds and skills of bright students to develop a relevant financial product," Mosher said. "Students get the opportunity to work with organizations in internship roles to develop something that may eventually be commercialized while earning credits toward their degree. This unique partnership will be the greatest factor in the success of our concept."