Leveraging Facebook’s nearly 500 million users, financial technology developers Syphr, LLC (http://www.syphronline.com), and Code Green, LLC (http://www.codegreen.org), have teamed up to create Facebook and web-based applications to help credit unions drive traffic and monetize their websites. The apps were developed to add value to credit unions’ Facebook fan pages – as well as their websites, and help them monetize those sites. Syphr plans to launch the apps in June 2010 on select credit union sites.

According to Syphr’s President, Chris Langley, these apps play a big role in helping credit unions connect and interact with members and potential members to get their sites noticed. They also enable credit unions to provide their members with practical information, such as a truly free credit report and score, comparative rate information, and ways in which they can lower their payments and save money at their financial institution – all in real time.

“Syphr and Code Green are developing applications that are matched to members’ credit and lifestyle,” Langley says. “We believe apps tied to members’ credit, identity, and finances save them time and money – which ultimately adds value to credit unions that implement them.”

Built with the help of financial technology services provider, Code Green, these apps can present members with personalized money-saving opportunities based on their credit rating, wherever they are online.

“Chris and the Syphr team have developed a powerful system to help credit unions provide better value for their members,” says Code Green President, Jason Green. “Together, we are expanding that vision to reach out to members everywhere with compelling data-driven marketing technology.”

According to Green, many credit unions struggle with ways to engage members on the site rather than just have them log in to home banking, check their account balances, and leave. They also struggle with social networking and how to best make use of that channel.

As a result, the idea was a two-fold approach:

1. Draw members into the process directly from the credit union website through use of interactive web apps

2. Empower members to tell the benefits story to their friends and family through interactive Facebook apps

“In the end, the members save money, the credit union increases their involvement with the members and provides a valuable member service, and the credit union generates revenue from their website traffic,” Green adds.

According to Langley, credit unions are enlisted as down-stream marketers for the popular saveonyourloans.com service – which enables them to generate revenue on a click-through basis to the site.

“More and more credit unions are entering the social media arena – especially Facebook – to attract a younger generation of members,” he says. “We see this trend as an opportunity for us to augment the movement for credit unions, helping them enhance their value for members.”