A new method for fluid‐structure interaction (FSI) predictions is here introduced, based on a reduced-order model (ROM) for the structure, described by its mode shapes and natural frequencies. A linear structure is assumed as well as Rayleigh damping. A two-way coupling between the fluid and the structure is ensured by a loosely coupling staggered approach: the aerodynamic loads computed by the flow solver are used to determine the deformations from the modal equations, which are sent back to the flow solver. The method is first applied to a clamped beam oscillating under the effect of von Karman vortices. The results are compared to a full-order model. Then a flutter application is considered on the AGARD wing 445.6. Finally, the modal approach is applied to the aeroelastic behavior of an axial compressor stage. The influence of passing rotor blade wakes on the downstream stator blades is investigated.