AI Case Study
EarnUp automates loan repayments by analysing customer needs and spending patterns using machine learning
EarnUp, fintech platform, wants to optimise mortgage and other loan re-payments based on customer need and affordability helping them save on interest expenses. They will analyse spending patterns and needs against income to set up flexible auto payments.
"'Over 70% of Americans live paycheck to paycheck. Lenders and banks struggle to meet the needs of these consumers due to outdated technology,' said EarnUp President and Co-Founder Nadim Homsany. 'At EarnUp, we partner with national financial institutions, like Freddie Mac, to deliver intelligent automated payment solutions that can be offered instantly to consumers. EarnUp’s solution helps Americans to never miss a payment – and for many, the result is reduced interest charges and getting out of debt faster. SignalFire’s support will allow us to accelerate our mission to transform the financial lives of the 200 million indebted Americans.'
EarnUp puts a few dollars aside for loans when consumers can afford it — then makes timely payments to help consumers get out of debt faster. EarnUp's solutions enable consumers to reduce interest expense, budget better, and save more, in a simple and elegant service."
There are over 200 million Americans with debt and a typical household may have income and expenses hitting their bank accounts over 20 times a month.
EarnUp claims it has been able to save millions in interest for consumers.