Sparrow, a leading fintech innovator dedicated to reshaping Gen Z’s relationship with credit unions, and Envisant, a comprehensive credit union service provider, today announced a strategic partnership to help credit unions win the next generation of membership.

Through this partnership, Envisant's expansive network of credit unions will gain access to Sparrow's innovative college financing and marketing automations platform, enabling them to offer a superior solution for the most pressing financial challenge of Gen Z.

Benefits for Credit Unions

With competition from neobanks and fintechs, credit unions are pressed to differentiate among a seemingly elusive generation. Sparrow strategically helps credit unions solve the next generation’s hardest financial challenge (i.e., financing education), and leverage marketing analytics and automations to provide tailored recommendations that result in loyal, long-term membership. The solution can be launched in 60 seconds and does not require core integration.  As credit unions are not required to underwrite, fund, or service any of the loans processed, Sparrow eliminates the risks traditionally associated with student loan solutions.

Sparrow proudly partners with just under 100 credit unions, ranging from institutions with $34 billion in assets to those with just $6 million. “It’s taken a talented team to bridge this 1,000x difference in asset size, and the impact has been remarkable," says CEO Harrison Hochman.

Credit unions transitioning to Sparrow's platform have seen:

• 70% of all users being younger non-members who state interest in becoming members after harnessing the service
• Access to 260+ unique data attributes per Gen Z user, and pre-set automations to create deep, multi-product relationships with them
• The ability to be the active relationship builder with a younger member, as opposed to handing them, and their data, to affiliate partners at this formative time in their lives

Partnership for Growth

"Becoming a trusted financial steward for the next generation of members is extremely difficult," expresses Harrison Hochman, CEO at Sparrow. "To stand out, credit unions must solve problems for Gen Z. With our Envisant partnership, we’re excited to help more credit unions solve one of the hardest financial problems young adults face, and in turn develop deep relationships with them over time."

Libby Calderone, CEO of Envisant, said, "We are committed to providing our credit unions with the tools and resources they need to compete effectively and serve their members better. Our partnership with Sparrow allows our credit unions to offer a valuable solution tailored to the next generations most pressing financial needs, and the ability to launch in minutes.”

About Envisant 

Envisant brings experience and expertise to all areas of credit union service. Our product strategy features credit and debit programs, prepaid debit cards, portfolio development consulting, agent credit card programs, and ATM services. Get to know us at www.envisant.com. 

About Sparrow 

Sparrow empowers credit unions to grow loans, deposits, and member accounts through two formats. First, credit unions use Sparrow’s white-labeled student loan marketplace to serve as a beachhead for Gen Z membership acquisition. Through its white-labeled platform, Sparrow enables credit unions to be the active relationship builder in their members' financial journeys, all without the complexities of managing a student loan portfolio. Second, by leveraging Sparrow, credit unions automate the process of converting pockets of unengaged membership (e.g. indirect auto, dormant, or single transaction member) into multi-product relationships. Utilizing Sparrow's cutting-edge digital marketing platform, credit unions can orchestrate sophisticated email campaigns that deliver personalized experiences and drive measurable results.