Report
215
Number
Apr 21 2010

Save to Win: 2009 Final Project Results & 2010 Implications for Credit Unions

What are the ingredients for a successful innovation?

  • A problem to solve
  • An idea champion
  • Early pilot evidence
  • A project team
  • Funding
  • Results
  • Key learning

In this publication, the successful innovation is Save to Win.

This report featuring the Save to Win pilot was prepared by the Doorways to Dreams Fund with contributions from the project team members. The report documents the project, product results, key lessons learned, and outlines the issues and opportunities to bring this product to scale throughout the United States.

Important Findings

  • Strong demand for PLS accounts exists among credit union members.
  • PLS products can attract financially vulnerable consumers and positively impact their saving levels.
  • Certain PLS product features may help attract first-time savers and motivate individuals to save consistently.

The implications for consumers are clear—this product provides a gateway to saving. The implications for credit unions are many. Can credit unions and the success in Michigan assist with public policy changes to support savings promotional raffles? Can this product differentiate credit unions? The product needs scale. What are the limitations to credit unions collaborating across the United States?

There’s no doubt this project shines the spotlight on credit unions. I think you’ll find the full report not only insightful as it relates to the Save to Win product launch, but you’ll also find the framework for collaboration and the blueprint for a successful innovation.

Webinar on Friday, May 14, 2010 to register Click Here.

Report Number 215