Executive Summary
The shift towards digital engagement presents challenges for credit unions in maintaining their distinctive "people helping people" and "member-first" ethos. To bridge this gap, personalization through advanced data analytics and AI has become essential. By humanizing the digital experience and extending it beyond mere banking transactions, credit unions can position themselves as trusted financial advisors becoming the go-to resource during crucial life events.
This report delves into the lab* at Filene's exploration and testing of Exagens MoneySparxs, aimed at fostering member financial wellness and credit union growth, addressing the following questions:
- How can credit unions incorporate AI and behavioral science-based solutions to enhance digital relationships and improve financial wellness?
- Is Exagens MoneySparxs effective at building and maintaining consistent member engagement beyond transaction integrations?
- Based on analyzed member data, how would the use of Exagens MoneySparxs impact member financial wellness and the credit union’s financial performance?
Credit Union Implications
The findings indicate that AI-driven, behavioral science-based solutions like Exagens MoneySparxs are effective in maintaining and enhancing member engagement.
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This report is currently only available to sponsors of the lab* at Filene.
Thank you to Exagens, Bank-Fund Staff FCU, MSUFCU and Municipal CU for their support throughout this test.
