MSUFCU Innovation Partner Spotlight : Debbie
May 21, 2024
In the rapidly evolving landscape of financial services, partnerships between credit unions and fintech companies have emerged as a key driver of innovation and success for members. In this installment of our recurring Innovation Partner Spotlight series, we’ll introduce the fintech, Debbie, whose program guides, motivates, and rewards users for saving and paying off debt.
What Debbie Brings to the Table
The Debbie app combines psychology with finance to help its users break free from the shackles of debt. Debbie is a unique debt payoff program developed in collaboration with MSUFCU, that sheds light on the importance of understanding one’s money mindset and setting achievable financial goals.
Their Startup Journey
Co-founder and COO of Debbie, Rachel Lauren, is no stranger to the challenges of managing and saving money. She attended NYU with her Debbie co-founder, Frida Leibowitz, who graduated with $15,000 in credit card debt and student loans.The pair of young entrepreneurs realized a contributor to Frida’s situation was the lack of financial literacy in her own family. This realization became the driving force behind the creation of Debbie.
Identifying the Underlying Issue
Debbie addresses a common financial problem; spending more money than you earn. By integrating with users’ financial accounts, the app helps set realistic goals and guides them through a program that is rooted in behavioral psychology and practical financial tasks. By completing the tasks, as an incentive you also earn rewards.
The Program Structure
The curriculum is designed to be user-friendly, requiring no more than 10 minutes of your time per week. Users answer questions about themselves; reflect on their financial triggers; and dig into their thought processes behind impulsive purchases, significant financial decisions, and saving money. It is like having money therapy, right in your pocket, that acknowledges the intricate connection between money and your emotions. The program starts with users setting achievable financial goals that are tailored to their individual circumstances. Then the program incorporates behavioral psychology to help users understand their money mindset and address their underlying issues. Lastly, as users progress through the program, they earn rewards such as cash or improved interest rates, creating a positive reinforcement loop.
Through a strategic partnership with MSUFCU, Debbie offers users drowning in high interest rates the opportunity to refinance at more favorable rates. Qualification for this benefit is tied to the completion of the Debbie program, together creating a synergetic approach to financial wellness.
Learn More About Debbie + MSUFCU
Interested in partnering with Debbie or exploring the full functionality of their program? Visit https://www.msufcu.org/debbie or their website, at joindebbie.com to explore their engaging and insightful technology, request a demo, or better understand your money mindset.
To hear more about Debbie and Rachel’s story, you can listen to our recent Wallet Watch podcast episode.
Fostering Innovation at The Lab at MSUFCU
The Lab at MSUFCU was established as an innovation center to identify, create, and execute opportunities for innovation together and turn ideas into advanced financial technologies. By devoting resources to cultivating an entrepreneurial mindset, collaborative ideas can be generated that lead to pilots and new technology, products, and services for members and credit union employees.
The Lab at MSUFCU also provides a nurturing environment for fintechs like Debbie to develop their technologies and explore potential innovations. MSUFCU proudly collaborates with Debbie to push the boundaries of what is possible for fintechs and the members and credit unions that use them.
To learn more about The Lab at MSUFCU, or if you would like to participate in our pilot opportunities as a member tester, visit our website at msufcu.org/thelab.
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