EAST LANSING, Mich.–Michigan State University FCU said it has entered into a partnership with social finance app Frich Money as part of an effort to attract and retain younger members.
The New York-headquartered fintech has been selected to be a part of Michigan State University Research Foundation’s Conquer Finance and Insurance Accelerator, which is supported by MSUFCU.
Launched in 2021, Frich Money—which, as CUToday.info reported here, stands for “F’in Rich”--provides a financial wellness app designed to help Gen Z users “make informed decisions about money quickly and confidently”.
In a post on LinkedIn, Frich Money CEO and co-founder Katrin Kaurov said the new partnership with MSUFCU will enable the credit union to help “better serve the next generation of members.”
According to the credit union, which is active in the fintech space, MSUFCU believes Frich Money can help bridge the “awareness gap” between Gen Z and credit unions.
Both enterprises are aligned in their ambitions to grow Gen Z participation in the space, with only 4% of the Gen Z demographic currently utilizing credit unions today, according to MSU Federal Credit Union CIO Banjamin Maxim.
‘Imperative’ for Survival
“The average age of most credit union member bases is north of 50 years old, which is leading many in the industry to realize that member succession planning by attracting younger members is imperative for the survival of their credit unions,” said Maxim. “Only 4% of Gen Z currently utilize credit unions today, the fact that their deposits are estimated to be a combined $10 trillion by 2030 as a generational cohort should be motivation to find solutions to attract and retain younger members as they progress through their life stages.”
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