OneUnited Bank, recognized as a leading community development financial institution (CDFI) and the largest Black-owned bank in the United States, has announced an exciting new partnership with Candescent. This collaboration is centered on the launch of advanced, personalized digital banking tools designed to improve financial health for its customers. By utilizing Candescent’s extensible platform, OneUnited Bank has seen a striking 33% increase in customer adoption of these new online banking tools.
The relationship between OneUnited Bank and Candescent is built on a strong foundation of shared goals and mutual support. As both organizations work together to enhance the customer experience, OneUnited Bank aims to address the needs of urban communities. Their mission extends to offering tailored banking solutions that support the financial wellness and economic empowerment of underserved populations.
“Candescent gives us the ability to easily create valuable experiences for our customers while allowing us to compete with modern, sophisticated third parties,” said Jim Slocum, Chief Information Officer at OneUnited Bank. The need for innovation in the financial sector has never been more pressing, especially as banking evolves into an increasingly digital-first environment.
The newly developed features from the partnership include resources that enhance financial literacy, streamline digital account opening, and facilitate same-day issuance of digital cards. This multifaceted approach has equipped OneUnited Bank to better serve its customers in meaningful ways.
“With our digital offerings, we’re not just competing with other community banks – we’re in a digital race against fintech apps in the App Store,” Slocum emphasized. The integration of Candescent’s sophisticated platform has enabled OneUnited Bank to respond to these challenges adeptly, ensuring that they meet their customers’ evolving needs.
Candescent itself provides a cutting-edge, API-first platform founded on a microservices architecture, facilitating easy integration with existing banking systems. Their array of developer tools, robust APIs, and user interface frameworks allow banks and credit unions to personalize customer interactions utilizing data-driven insights. This adaptability is particularly crucial as financial institutions aim to scale operations and customize digital banking experiences.
“Our customers rely on us in critical financial moments, like rebuilding credit, managing cash flow, and accessing short-term funds,” Slocum added. The partnership with Candescent not only streamlines services but also enhances the bank’s ability to support their clients during challenging financial periods.
By tapping into Candescent's innovative technology, OneUnited Bank is positioned to redefine its service offerings. With a focus on creating a more adaptable and future-ready banking landscape, the bank is setting itself apart in an increasingly competitive market for financial services.