MADISON, Wis., June 4, 2012 /PRNewswire/ -- The Filene Research Institute has completed a deal to sell the successful Debt in Focus tool to San Francisco-based SavvyMoney, a comprehensive resource company providing tools, information and a fully-automatic debt reduction plan, to help individuals get out of debt quickly.
"The Filene Research Institute tries to live by this quote from Edward Filene: 'Progress is the constant replacing of the best there is with something better still,'" says Filene CEO Mark Meyer. "With Filene's success, we have also learned our limitations. In order to be our best, Debt in Focus found SavvyMoney to be the best company to align with in order to meet our members' ever-evolving needs," Meyer says.
JB Orecchia, CEO of SavvyMoney, added: "We are looking forward to collaborating with the Filene team moving forward to provide the very best product for the credit union industry. Together, with our technical expertise and their unparalleled expertise in the industry, we will shape the next version of Debt in Focus to help improve the user experience for consumers and credit unions, and maximize the overall impact of the tool on helping users turn their financial lives around."
Filene has formalized this relationship with SavvyMoney to help this i3 idea realize the progress credit unions and consumers crave. SavvyMoney aligns with Debt in Focus in many ways. Most importantly, the firm has the precise competencies needed to improve the user experience, credit union impact, and overall success of Debt in Focus. It offers a comprehensive solution to consumers' debt situation. Helping consumers analyze their debt is one thing, providing them with the tools to create and execute a debt management plan is quite another. SavvyMoney will help consumers do that.
Debt In Focus is the product of an i3 innovation team's goal to make financial guidance simple, powerful, and anonymous. More than 500,000 consumers have received financial assessments, workable budgets, and actionable guidance through 300 credit unions since the tool was publicly launched in April 2010.
The result will be a comprehensive solution for all consumers – one that is particularly attractive to those intimidated by traditional offerings. It provides a thorough debt analysis, along with all of the support necessary to help consumers reach their debt management goals. The benefit for credit unions is just as exciting. With better technology, increased branding flexibility, enhanced administrative tools, and a soup to nuts solution for members, credit unions will get more out of Debt in Focus than ever before.
About the Filene Research Institute
The Filene Research Institute is a nonprofit think tank dedicated to scientific and thoughtful analysis about issues affecting the future of consumer finance and the $1 trillion asset North American credit union industry. Through Filene, leading scholars and consultants analyze managerial problems, public policy questions, and consumer needs for the benefit of the 100 million members North American credit unions serve.
SavvyMoney is a comprehensive resource for people paying off debt and taking control of their finances. The company offers the most effective "do it yourself" tools and advice to expedite debt pay off. Through these resources, SavvyMoney members are paying off over $1 billion in debt five times faster on average than those paying on their own. For more information, visit www.savvymoney.com.
For Filene Research Institute
Matt Davis: [email protected] | 608.231.8550
Shannon Leigh Turbeville: [email protected] | 615.254.9389