President/CEO
GECU of El Paso
Moneyworks
Description: Moneyworks takes a page from the playbook of direct selling giants like Tupperware, The Pampered Chef, and Avon. This program consists of credit union advocates hosting informal gatherings of friends, relatives, neighbors, and other community contacts to explore the benefits of credit union membership and services.
Similar Programs: Moneyworks has inspired some interesting programs in the financial services market:
- FORUM Credit Union ($1 billion) in Indiana offers the innovation under the name Unofficial Spokesperson (see below for some marketing materials). As of November 2008, FORUM has 253 Unofficial Spokespeople which has referred a total of 198 new members for a total of 377 new services. Read more about this program here.
- CTCE Federal Credit Union ($84 million) in Pennsylvania developed a referral program for membership and auto loans rewarding their members with $10 for themselves and $10 for the new member. Other referral awards are available as well.
Get Involved: If you are interested in this concept or interested in joining the shaping conversations, please contact us.
