MSUFCU Innovation Partner Spotlight : Changed
April 29, 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, Changed. CEO Dan Stelmach turned his own personal frustration into a revolutionary platform. Changed has not only redefined debt payment strategy but reshaped the way individuals approach their financial journey.
What Changed Brings to the Table
Dan Stelmach, driven by his personal struggle with $70,000 in student loan debt post-college, envisioned a solution to take on the widespread issue of negative wealth in America. His aspiration to start a business also stemmed from childhood experience watching his mother operate her own small business.
Taking a risk, Dan redirected the down payment for his first home to fund the creation of the platform. Changed emerged as a response to the financial challenges faced by Americans, specifically the burdens of student loan debt repayment.
Evolving Beyond Student Loans
With an initial focus on student loans, Changed evolved to provide holistic financial solutions. By fostering connections between various accounts—student loans, checking accounts, savings accounts, and credit cards, the platform empowers its users to analyze different payoff methods and receive personalized recommendations. It only takes users 2-3 minutes to set up an account, and then check up on the app 2-3 times a week. Changed’s mission is to make debt repayment easy, and their goal is to change the way debt repayment feels.
Changing the Narrative
A unique feature offered by Changed are ‘rounds ups’, which has become a key part of their approach. The Changed app allows its users to allocate small amounts regularly towards their loan payment. It’s not only an accelerated debt reduction solution but it instills a sense of accomplishment in the user and reinforces positive feelings associated with debt repayment and financial education.
Changed also offers a ‘Stash My Cash’ feature that allows you to automate and split your savings elections between making debt payments and saving for large purchases or starting an emergency fund. Even if you have a credit card, it is important to have an emergency fund, the Changed app can help you start saving for a rainy day without contributing to more credit card debt.
The proof ultimately is in the numbers though as Changed has helped their users pay 30% less in interest and pay off their debts 35% sooner. They also have helped their users save over $1,000 a year in debt, allowing them more money to spend on their goals. Changed aims to make debt repayment easy for everyone, reshaping users’ daily perceptions of financial progress.
Learn More about Changed
Interested in exploring what Changed has to offer? Visit their website at gochanged.com to learn more about how their transformative app that can help you, your members, or your customers repay debt more efficiently and save more towards long-term goals.
To hear more about Changed and Dan’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 Changed to develop their technologies and explore potential innovations. MSUFCU proudly collaborates with Changed 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.
Tags: