Enhanced Money Management: How to Assist with Members' New Year Goals

As this year starts on a wave of economic uncertainty, it is clear that members are looking to their credit union for guidance and assistance.


One clear opportunity for credit unions is not just helping members identify savings/debt reduction goals, but helping track an individual’s progress towards these goals as demonstrated by survey responses from over 10,000 credit union members. Members suggested a variety of ways that their credit unions could help them meet their savings goals. Suggestions cover a wide range of areas, ranging from new types of savings accounts, better education, and additional tools to help them track expenses. While some comments refer to new types of tools, some refer to tools that the credit union may already offer, but may need to position differently so members can understand how they can help them.

  • Easier Online Application Process
    “Easier ways to sign up and use these services. I don't use them because I get frustrated trying to figure them out.”
  • E-mail Alerts for Special Offers
    “Sending me notices on small amount investments to lock my money away for short (one to two year) terms with a moderate return…”
  • Automated Withdrawals for Saving
    “The credit union could put a certain amount of money from my paycheck into a special savings account for a specific goal I choose.”
  • Named Savings Accounts (or Sub-Savings Accounts)
    “I especially like the idea of being able to have multiple savings accounts. At the moment I maintain accounts in different institutions just to keep the money separate, not because I like one institution over another for one purpose or another. It adds some complexity to managing the money, but it simplifies things in that I never have to think about how much of this money is for which purpose--ALL of it is for whatever purpose that account is for.”
  • Customizable Bill Pay
    “I love bill pay, but the set up needs to be a little more user friendly. Maybe a calendar set up that shows pending payments, scheduled payments, recent payments and due dates on one screen. it would be even better if users could enter their own generic reminders like payday. One step further would be to integrate the monthly account transactions into the calendar with the other bill pay info. We could see where our money is going and when - where it went in the past and how to budget for the future.”
  • Detailed Financial Planning Information, both online and in-person
    “Though you have a lot of topics, they do little to help one with little knowledge to understand what investment path is right for them…Are there different Roth IRA's to chose from? Also there are no calculators to figure future growth of an IRA on your website.”

    “Get trustworthy advice and guidance regarding money management for at a reasonable cost or fee. Also, reasonably priced help to consolidate financial situation and organize (maximize) contribution to investments and maximize growth (gains).”

Additional member suggestions included the credit union providing: basic information on budgeting; online tools for tracking expenses; and detailed online information and education in the form of online courses. With increased savings awareness due to the current economic environment, members may be more receptive to marketing plans that promote a complete package of online tools, such as email alerts and bill pay. Increased awareness and usage may increase penetration and decrease operating expenses. If not currently available, offering these types of tools may have dual benefits- not only can they potentially help members improve their financial situation but they could also have a positive impact on member satisfaction and loyalty.

The Internet Strategy Consortium is a shared cost research group focused on enhancing the credit union online channel. For more information on joining the Consortium, please contact Denise Senecal at dsenecal@creditunions.com or by phone at 800-446-7453.