SaveUp: Making Positive Financial Behavior Fun
The Filene Research Institute conducted the first independent review of the SaveUp program (www.saveup.com), an online tool that uses game thinking to engage consumers and reward positive financial behaviors. SaveUp is positioned in the market as an innovation in member rewards and relationship development. Fourteen credit unions offered SaveUp to their fields of membership on a pilot basis from March 1st to August 31st 2012.
This research examines the pilot experience from a member and credit union perspective. The objective of the pilot was to monitor the following over a six-month period of time:
- member adoption rates
- engagement levels
- cross sales of credit union products and services, and
- member and credit union satisfaction with the program.
What are the key findings?
Summary findings indicate that SaveUp is an engaging experience that transforms the rewards program experience for credit union and builds a stronger relationship with the member. The member feedback was positive in terms of increased awareness of their personal finances, positive attitudes towards their credit unions, and the belief that SaveUp helped them improve their financial behaviors. Some of the research highlights are:
- Adoption: After 3-‐5 marketing touch points the SaveUp rewards program achieved an average of 3% adoption among members; stronger marketing investment yielded 5%+ adoption.
- Engagement: The median member uses the tool 3-‐5 times/week.
- Rewards: Nearly 250 credit union members won prizes during the pilot, including several $1,000 winners.
- Referral Marketing: Almost half—48.4%—of users recommended the program to family and friends. The program’s 76.4% net promoter score rivals top brands like USAA and Apple.
- Awareness of Credit Union Services: An impressive 39.5% of users reported increased awareness of their credit unions products and services. Tracking on the credit union side was limited to measure new product sales.
- Reputation and Relationship with Members: Of those who responded to the survey, 61% percent believe their credit union really wants to help them succeed in a fun way. 41% have a better opinion of their credit union, and 95% believe that their credit union is interested in their financial health and progress.
- Financial Education: During the pilot, nearly 8,000 educational videos were viewed within SaveUp.
SaveUp users report improved financial behaviors, but the study design did not include a control group to allow for a definitive conclusion on behavioral change; this type of analysis requires additional, in-depth study. In the pilot 54.9% of users said that SaveUp motivated them to pay down debt, increase savings, or both.
Categorized: 'Products & Services'