Sparrow and Virginia Credit Union League Unite to Empower Gen Z & Millennial Financial Futures

VACUL partners with Sparrow to help credit unions soar into the future by developing loyal, multi-product relationships with the next generation of members.

Sparrow, a trailblazer in fintech disruption, is thrilled to announce a strategic partnership with the Virginia Credit Union League (VACUL), a historic organization championing the interests of credit unions across Virginia. This collaboration marks a new dawn in financial engagement, tailored to meet the unique needs and aspirations of Gen Z and Millennial members.

"The collaboration between Sparrow and VACUL is a pledge to innovate how we reach younger audiences," asserted Karima Freeman, Interim President & CEO of VACUL. "In an era where digital innovation is critical, Sparrow's tech enables us to meet the fluid needs of Gen Z and Millennials, positioning credit unions as their go-to financial home."

Historically, despite the exponential growth in private student loan demands, a vast majority of credit unions have stood on the sidelines. This collaboration paves the way for credit unions to leap into action, leveraging Sparrow's state-of-the-art platform to offer student loan services without the complexities of traditional lending processes.

Sparrow’s white-labeled marketplaces not only generate non-interest income for the credit union, but also leverage marketing analytics and automations to provide tailored recommendations and resources from the credit union, empowering Gen Z members to make well-informed financial decisions aligned with their unique goals.

"Harnessing the untapped potential of Gen Z and Millennials has never been more accessible," affirmed Harrison Hochman, CEO of Sparrow. "Our alliance with VACUL is a pivotal step to help credit unions in Virginia respond to the call of the next generation and usher in a new chapter of engagement."

Sparrow notes their pride in being able to partner with credit unions large and small. “While our largest client comes in at a whopping $34B in assets, we also serve credit unions as small as $27M in assets. It’s taken a talented team to span partners with a 1,000x difference in asset size, and the effect is remarkable,” says Hochman.

Credit unions transitioning to Sparrow's marketplace approach have reported:

• 70% of all users being younger non-members have an 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.

Overall, Sparrow is excited to help Virginia’s Credit Unions do what credit unions do best - focus deeply on the needs of their members and adopt innovative solutions that change the course of their financial futures.

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About Sparrow

Sparrow empowers credit unions to provide unparalleled student loan services to grow Gen Z membership. Its innovative platform shortens the lengthy search for the most competitive private student loan rates from weeks to seconds. Sparrow’s vision extends beyond transactions, aiming to assist credit unions in cultivating deep, personalized relationships with their younger members. 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. Partnering with over 40 credit unions, as well as 30 other universities, fintechs, and community financial institutions, Sparrow is dedicated to helping its partners win the loyalty of the next generation of members. Learn more at www.sparrowfi.com and follow us on LinkedIn.

About VACUL

Based in Richmond, the Virginia Credit Union League is the state trade association representing the 99 member-owned, not-for-profit credit unions headquartered in the Commonwealth. The League’s many services include regulatory, political and public advocacy; professional development; and a wide range of informational and operational resources. Organized in 1934, the League is the voice of Virginia’s credit unions and works to ensure a thriving credit union movement. Learn more at www.vacul.org