CU Trak Platform Designed to Enable Credit Unions to Finance More Members, Improve Loan Performance
MURRIETA, CA / ACCESSWIRE / September 11, 2018 / IGEN Networks Corporation (OTCQB: IGEN) (CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced its newest product line, CU Trak. CU Trak is a white-labelled version of IGEN’s industry leading mobile asset tracking and security solution sold exclusively on Sprint’s IoT Factory platform to credit union customers. Sprint’s IoT Factory enables commercial and enterprise customers to explore, select and rapidly implement innovative, finished IoT solutions according to their unique needs.
“More and more credit unions around the country are offering “Fresh Start” programs directed toward members with credit challenges who need to obtain a vehicle loan at fair and reasonable interest rates,” said Neil Chan, CEO of IGEN Networks. “CU Trak provides a valuable win-win situation for the lender and the consumer. By deploying CU Trak as part of the underwriting process, credit unions may be able to finance more of their members with low credit scores while offering lower down payments and improved overall loan performance. This allows more credit union members to get the vehicle loans they need for work and mobility while enjoying the benefits of user-friendly mobile apps to monitor their vehicle, such as GPS tracking, security and driver behavior data, as part of the ongoing services package.”
CU Trak will be sold as a three-year hardware and monitoring services bundle through Sprint’s 2,000-plus SMB representatives located in eight regions across the United States and Puerto Rico. The product will initially target approximately 2,500 credit unions in key markets out of more than 6,500 credit unions nationwide.
To account for the natural losses that occur when working with credit challenged borrowers, credit unions are increasingly using GPS technology as a risk mitigation tool. The decision to use a device can be part of the underwriting process and full disclosure is encouraged as part of standard underwriting practices. Doing so can enable the credit union to finance more members with lower credit scores, offer lower down payments, reduce delinquencies, reduce recovery time of assets when necessary and improve overall loan performance.
“IGEN was excited to be one of the first solutions in Sprint’s IoT Factory launch earlier this year, and we have continued to work closely with Sprint to tailor solutions to meet their customers’ needs,” said Abel Sierra, VP Business Development. “Sprint recognizes the incredible opportunity in tailoring IoT mobility solutions to meet specific market needs and generate real business ROI. CU Trak represents a significant step forward in that effort, providing real business benefits to Sprint’s CU customers while also giving consumers improved access to more favorable lending terms and valuable services to monitor and protect their vehicles.”
The Sprint IoT Factory platform is enabled through a strategic relationship with myDevices, the Internet of Things (IoT) solutions company that “simplifies the connected world” to accelerate the development and sales of finished IoT solutions. Sprint’s converged business solutions in the IoT Factory offer customers a number of advantages, including superior network spectrum holdings, powerful worldwide wireline and wireless connectivity to an incredible influx of technological innovation and resources from Sprint’s parent company, SoftBank.
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time updates on asset health and Driver Behavior.
IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit http://igen-networks.com., www.NimboTracking.com., www.MedallionGPS.com
This news release may contain forward-looking statements or forward looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases “goal,” “commitment”, “guidance,” “expects,” “would,” “will,” “continuing,” “drive,” “believes,” “indicate,” “look forward,” “grow,” “outlook,” “forecasts,” “intend,” and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN’s expectations regarding its business, customer base, strategy and prospects, and IGEN’s confidence in the cash flow generation of its business. Many factors could cause IGEN’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN’s reliance on key personnel; IGEN’s ability to maintain and enhance its brand; and difficulties in forecasting IGEN’s financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading “Risk Factors” in IGEN’s periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN’s forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.