Credit unions have a vested interest in helping their members make informed financial decisions, but don’t always have the resources to create large-scale marketing campaigns. To solve that problem, the University of Kentucky Federal Credit Union teamed up with EVERFI to provide online financial education to their membership, offering special incentives for members who complete four EVERFI training modules—a ‘win-win’ proposition for both the credit union and its members!
Digital Education, Member Engagement, and Incentives
Credit unions have a vested interest in helping their members make informed financial decisions. “It’s important for our credit union to provide accurate financial education, so that members can know that they’re in good hands,” says Carol Carr, Financial Education Specialist at the University of Kentucky Federal Credit Union. They teamed up with EVERFI to provide online financial education to their membership. To incentivize busy members to complete the training, they offered an additional perk: members who complete four EVERFI training modules receive a quarter point discount on the interest rate of a new auto loan. Since auto loans are a large driver of credit union sales, combining education with an incentive that boosts sales and helps members is a ‘win-win-win’ proposition. “As a credit union, we don’t have the resources to implement large-scale content and digital marketing initiatives,” notes Carr. “EVERFI allows us to do that without taxing staff resources.” The auto loan education program has proven highly effective, with more than a third of their website visitors having engaged with the offering. Of those who have registered for the training, 87% have completed at least one module and 37% have gone on to complete the entire, four-module program; an example of engagement and incentives working hand-in-hand. Reflecting on the success of the program, “what stands out for me is the quality,” says Carr. “They are just the right length, not too time-consuming, and interactive without being overwhelming. EVERFI hit all of the main milestones for us, constantly coming up with new modules that align to each of the financial products we offer.”
Engaging with Millennial Members
According to Carr, “Credit unions have this image of being somewhere your grandfather would go to bank. In fact, we are up-to-date and modern, and we’re constantly looking for avenues that reflect that.” As a generation that favors businesses that are socially responsible, merging profitability with philanthropy to create what is becoming known as the “participation economy,”1 millennial values align naturally with that of a credit union. EVERFI’s on-demand education, centered around video content that can be perused anywhere, anytime, from the convenience of one’s smartphone or tablet, has become the ideal way to engage with this younger, wired generation. “For those of us working closely with universities and student populations, being able to combine the right content with the right vehicle for communicating that content is crucial” notes Carr.
In addition to broadening access to EVERFI’s video offerings, the credit union is looking to integrate programming with other digital platforms, such as email and social media, in the form of targeted, data-driven campaigns. “We are really just scratching the surface of what we can do there,” says Carr. “Most credit unions depend on blanket emailing of their entire roster, but if we target modules to certain segments of our members, that could provide a large increase on our returns.” Credit unions can tailor messaging to their audience, based on life stage information such as household income, credit score, or those in the market to purchase a home.
Securing a Digital Foothold
The University of Kentucky Federal Credit Union currently receives 150,000-170,000 visits to their website every month. “That’s close to two million people engaging with our digital content every year,” notes Carr. “And those are people who are making their mortgage decisions, investment decisions, auto loan decisions, and doing everyday banking online. People want to have easy access to information, and if a credit union is losing their digital foothold due to a lack of engagement on their website, then they are hurting their business model, and doing their members a disservice.” Through a combination of on-demand education and targeted marketing, credit unions like University of Kentucky Federal Credit Union can place themselves on the forefront of financial growth and help their members in the process
Learn more about EVERFI Financial Education here!