Problem:
In recent years we have experienced a rapid rise in the cost of goods that outpaced the typical consumer's income since the COVID-19 pandemic. Many consumers were caught off guard by this and were not financially prepared. So, we ask, how might we in the Credit Union industry help our members who live paycheck to paycheck quickly gain financial security?
Innovative Solution:
Wallet Wise is a groundbreaking app, designed for credit union members, that will revolutionize financial education by offering age-specific lessons and distinctive impactful rewards, disrupting the cycle of ineffective financial management and nurturing financial independence.
Financial savviness and security can seem difficult, intimidating, and unattainable but it doesn’t have to be! This app simplifies, incentivizes, and educates in an interactive and unique approach. Tech companies who are invested in supporting credit unions and the communities they serve have partnered with credit unions who want to make a difference in their members' lives to form a CUSO. Together they are delivering a cloud-native, open API app that aims to take the boring out of financial education.
Wallet Wise seamlessly integrates into online and mobile banking, teaching members targeted to their age how to save money and make wise financial decisions, while unlocking loan rate discounts, down payment matching, savings balance matching, and deposit product rate increases. This app doesn’t is meant to make a lasting difference in the behavior of the consumer ultimately breaking generations of poor financial management.
To qualify for tiered maximum rewards members must meet one or more of the following criteria:
- Student
- Unemployed
- No credit established
- $10,000 or more in unsecured debt
- $2,500 or less in deposits
For those CDFI-designated credit unions, this app provides a unique opportunity to potentially leverage funds to blend technology and education, while social impact, by meeting their members in their community Taking the stigma and stuffiness out of the “banks” while leveraging CDFI funding for designated credit unions, these FI’s can meet their members where they live. Providing financial education, technology, and most importantly financial freedom unlocks opportunities that until now seem unattainable.