Executive Summary
Credit unions in the US are grappling with the challenge of rising consumer debt, which is impacting their financial stability and growth. As debts climb, members increasingly dip into their savings, leading to a notable decrease in deposits.
To address this challenge, FiLab partnered with Changed to test its platform’s effectiveness and to help answer the following questions:
- How can credit unions attract more deposits and help members manage their debts for improved financial health?
- How does the use of Changed influence members to explore and convert to other credit union products and services?
- Based on member activity and usage of the app, how would the use of Changed impact the credit union’s financial performance (e.g., loyalty, non-interest revenue, increased wallet share, etc.)?
Credit Union Implications
The results indicate that debt repayment solutions like Changed offer substantial value for credit unions considering such programs. Download the full report to see findings of a credit union case study, illustrating how the initiative helped members collectively pay off $993,000 in debt and achieve a 13% increase in interchange revenue, directly boosting the credit union's financial performance.
Thank you to Changed and MSUFCU for their support throughout this test.
