Leading with financial wellness to improve the member experience
In today's financial landscape, the importance of financial health and wellness has become more evident than ever. Yet, for many credit union members, accessing these vital resources means digging around on their credit union’s website searching for disparate resources that often feel like a bolt-on afterthought.
To truly move the needle when it comes to member well-being, credit unions should elevate financial wellness to the forefront of the member experience, offering a cohesive and personalized one-stop shop for financial wellness tools and resources. This strategy not only enhances member satisfaction but also drives higher deposits and cross-sell opportunities, solidifying the credit union's role as a trusted financial partner.
The Case for a Cohesive Financial Wellness Strategy
A cohesive financial wellness strategy should address all aspects of personal finance and involves integrating comprehensive financial wellness tools, resources, tracking and support into a single, easily accessible platform. This approach offers several key benefits:
1. Improved Member Engagement and Loyalty
Research shows that financial wellness programs significantly boost member engagement and loyalty. A study by CUNA Mutual Group revealed that credit union members participating in financial wellness programs saw a 28% increase in savings within 12 months. Additionally, financial education can reduce stress and empower members to make better financial decisions, fostering long-term loyalty.
2. Increased Deposits and Cross-Selling Opportunities
By helping members manage their financial lives more effectively, credit unions can encourage higher deposits and boost cross-sell opportunities across the full spectrum of personal finance. Comprehensive financial wellness programs that, for example, help automate savings, increase loan eligibility, and offer financial coaching resources can drive significant growth in deposits and product uptake.
3. Addressing the Full Financial Picture
Financial wellness is not just about managing money; it also extends to important financial planning tools like insurance and estate planning. Incorporating these topics into your financial wellness program not only differentiates your program by going the extra mile, but helps members achieve peace of mind through securing the future wellbeing of loved ones. Paperwork’s program, for example, includes free resources to create wills and other legal documents. This holistic approach benefits both members and the credit union, solidifying trust and member satisfaction.
4. Staying top of mind for financial needs
A financial wellness platform that covers all the bases for members can help establish your credit union as the go-to resource for all your members’ financial needs, helping your organization retain account primacy. Moreover, digital programs like Paperwork that intelligently promote the credit union’s own products and services at times of need, help keep your organization top of mind when members are making crucial financial decisions.
5. Greater convenience
A comprehensive financial wellness program that consolidates all resources into a single, easy-to-navigate platform can significantly enhance the member experience by providing convenient access to all necessary tools in one place. This eliminates the frustration of searching through different sections of the website, allowing members to find what they need quickly and efficiently. Additionally, offering these resources via a mobile app amplifies this convenience, fostering a deeper engagement with the credit union’s services.
6. Measuring Success more effectively
Any financial wellness strategy should include data and metrics to measure success and program impact. To gauge the success of a financial wellness program, credit unions should track key metrics such as participation rates, knowledge gain (assessed through pre- and post-program measurements), and behavioral changes (e.g., increased savings or reduced debt). An all-in-one financial wellness program lends itself to gathering and measuring this data more cohesively and effectively than offering a disparate and fragmented set of tools and resources.
Conclusion
By embracing a comprehensive and integrated approach to financial wellness, credit unions can significantly enhance the member experience. This strategy not only supports members in achieving their financial goals but also strengthens the credit union's position as a trusted financial partner. Ultimately, a well-executed financial wellness program is a win-win for both members and credit unions, leading to higher engagement, increased deposits, and a more loyal membership base.
To learn more about how your credit union can implement a cohesive financial wellness strategy using Paperwork’s turnkey all-in-one financial wellness solution, schedule a free consultation.