Oct 12 2015
Savings Revolution Showcasing the Credit Union Difference While Helping Members Meet Financial Goals
Families at nearly every income level continue to live on the edge of financial disaster. Historically, credit unions have positioned themselves as institutions dedicated to helping these consumers rather than focusing on profit. But is the credit union system effectively communicating this philosophy?
This report analyzes various programs developed over the past decade that put a unique twist on helping consumers improve their financial situation—by encouraging financial goal setting and establishing a framework of friendly competition to see which consumers come closest to hitting their goals. At the same time, the report explores the successes—and challenges—that programs have experienced in elevating their brand identity and shining a positive light on the unique philosophy of the credit union system.
Competitions such as Savings Challenge and Savings Revolution, when planned and implemented effectively, can be useful in helping credit unions communicate their benefits. Key implementation considerations for a successful program include:
- Identify key segments you wish to focus on.
- Consider partnering with local media to raise awareness and generate interest.
- Establish a distinct savings or debt reduction product with a specific program tie-in.
- Ensure credit union employees participate by generating excitement and awareness.
- Launch an at-home or online opportunity for members not competing publicly.
- Provide regular media updates to maintain interest and momentum.
- Establish and report on key metrics to highlight the program’s success.
- Collect feedback from contestants, employees, and other members.
- Continue to monitor the progress of contestants beyond the program’s conclusion.