International Credit Union Day: 4 credit unions that are leading the way with financial education

International Credit Union Day

 

It’s International Credit Union Day – held on the third Thursday of every October since 1948 – and all of us at EVERFI want to recognize our credit union partners with a nod to this year’s theme of “Dreams Thrive Here.” In celebrating the ways that credit unions help members achieve big goals in life, today we take a look at how four institutions are successfully using financial education to pursue that mission.

Community First Credit Union, Jacksonville, Fla.

Online education modules secure record-breaking, long-term outcomes

When in-person financial education classes produced only fair results, this $1.5-billion-asset institution turned to a completely customizable, digital platform to better reach its more than 122,000 members in 18 locations.

Called “moveUP,” Community First’s financial wellness program – created by EVERFI – enabled a much broader training platform to help improve the financial health of its large membership base.

Through 22 educational modules on topics ranging from auto loans to mortgages, Community First realized a succession of enviable results during the six-week program lifecycle: a one-day record number of new accounts opened upon program launch, and the biggest rise in unsecured personal loans issued – a 41% increase over the previous year.

Ultimately, says Jonathan Hanson, Community First’s Product Manager, this program aims directly at fulfilling one of the credit union’s core goals: “Together with EVERFI, we’re building a pipeline of potentially credit-worthy new members for the future.”


University of Kentucky Federal Credit Union
, Lexington, Ken.

Digitally-driven content focus drives Millennial participation

To connect with its younger members and help this wired generation grow its financial knowledge, the credit union partnered with EVERFI to design on-demand, online education modules centered around video content that can be viewed from anywhere and from any device – be it laptop or smartphone.

This digital marketing initiative enables the 80-year-old financial cooperative to significantly strengthen its appeal to the modern Millennial market it serves. Case in point: Because auto loans represent a large sales driver for this community, UKFCU tied completion of the training modules it offers to an interest-rate discount on new auto loans. This strategy pulled in one out of every three website visitors and led to an impressive 87% education module completion rate.

“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,” explains Carol Carr, the credit union’s Financial Education Specialist, adding that the next level calls for adding programming to other digital channels, such as email and social media. “It’s so important for our credit union to provide accurate financial education so that members can know that they’re in good hands.”

 

USAlliance Federal Credit Union, Rye. N.Y.

Tailor-made financial education partnership serves diverse needs 

With a membership reach that spans the Northeast Corridor, USAlliance FCU serves a wide-ranging community – including corporate employees and public service workers. Because of that diversity, the $1+billion-asset institution needed a well-leveraged, financial education solution that’s more deeply customized than just any off-the-shelf vendor program.

Working with EVERFI, the 90,000-member credit union was able to fine-tune the financial-education experience it needed to deliver – matching members with modules that fit their personal interests and life needs. Strategies involved integrating email campaigns with specific content that members previously viewed or downloaded, and linking financial products or offers based on the module topic completed.

Six months after the EVERFI-powered launch, the credit union’s “Financial Wellness Center” program was a hit, attracting 10,000 customers who completed more than 5,000 modules. Most importantly, says Tori Burton, the institution’s Marketing Vice President, the EVERFI partnership allows USAlliance FCU to provide the unique value inherent in its mission.

“We want to help our members live life fully,” she says, “and that means equipping them with tools and knowledge to better manage their finances. We needed someone to grasp what made our members tick, and they [EVERFI] just ‘got it.’ ”

 

Pacific Service Credit Union, Concord, Calif.

Quick-to-launch rollout delivers fast-track results

To inspire its 70,000 members with an easy-to-use education that would empower them to make better financial decisions, Pacific Service CU wanted to take advantage of Financial Literacy Month last April to introduce a brand new skill-building strategy.

Thanks to EVERFI’s digital education technology, a seamless launch allowed the $1+billion-asset credit union to meet that key timeline with a four-module rollout on topics ranging from credit cards to identity protection to retirement planning. Branded under the name “Take Charge of Your Finances,” the incentivized program was advertised with ads and alerts throughout the credit union’s website, as well as promoted on social media.

Notably, Pacific Service CU’s email campaign led the list of fast-track results, achieving a 30% open rate – 50% higher than industry standards. After only six weeks, more than 2,000 customers had “taken charge” by completing the education modules – and the institution attracted more than 1,200 member enrollments.

Pacific Service CU Marketing Director Bryan Lyons sums up the success with this simple, but far-reaching message: “The more our members know, the better their decisions will be, and the more prosperous their futures will be.”

 

Interested in learning more about the financial education programs that brought these credit unions a new level of member outreach? Request an EVERFI demo at https://EVERFI.com/webcontact-us-form/