As a member-owned financial cooperative, the University of Kentucky Federal Credit Union has an especially vested interest in their members’ financial decision making. Understanding that financial education technology could make a big difference for their members, they tapped into EVERFI’s expertise to design digital financial education courses and implement a large-scale outreach initiative.
With EVERFI’s digital financial education training modules, the University of Kentucky Federal Credit Union was able to offer accessible financial education without taxing their limited staff resources. And, as an incentive for members to participate, they decided to offer a quarter-point interest rate discount on a new auto loan for any member who completed four training modules. This reward not only boosted participation, but it also had the added bonus of helping to promote auto loan sales.
The program proved to be hugely successful, with more than a third of the visitors to the credit union’s website taking time to engage with the auto loan discount program. Among members who registered for the program, 87 percent completed at least one module, with 37 percent completing the entire program.
The online education content has also helped the University of Kentucky Federal Credit Union improve their digital presence and connect with hard-to-reach millennial members. Thanks to their partnership with EVERFI, they’ve found a solution to member financial wellness where truly everyone wins.
To learn more about how the University of Kentucky improved member financial wellness and their digital financial marketing strategy with EVERFI, read Driving Member Wellness Through Online Education: The University of Kentucky Federal Credit Union.