Friday, January 25, 2008

MatriMoney


A way for an engaged couple to ask for cash…without asking for cash.

What is this idea, MatriMoney? Simply put, it is a wedding gift registry for deposits hosted by a Credit Union. The idea is that a CU would offer a place for an engaged couple to establish a registry that would allow individuals that prefer to give money as gifts, a place to do so. The CU would give the couple a package that has cards with instruction on how to deposit. And on couples statements a list with the names of the depositers beside the deposits so that it becomes an easy and convenient list to make thank you cards with. (Nobody thinks about this until afterwards.)

In today’s world, couples are getting married much later in life. In most cases they have already established a household each or sometimes together. So why would they need a toaster? Instead of getting an iron, they would like to save up for the down payment on a house, or pay for their honeymoon, or furnish a new house. MatriMoney provides a convenient vehicle for couples to ask for cash without asking for cash.

The benefit to the CU is that MatriMoney gives them a service that will build or establish a relationship with both individuals. It will also open the door for cross-sell oppurtunities for other products and services. The newlyweds will be in the middle of combining lives, accounts, income, and the CU is right there offering cool and unique products that they can’t get elsewhere, why would they choose to put their accounts anywhere else. Most often the CU will have already established a relationship with one person in the new family, now they have established a relationship with both, and you have helped them work towards meeting one of their very first joint financial goals. What better way to start a relationship?

MatriMoney was piloted at North Island CU, go check out what they can offer to soon-to-be newlyweds.

1 comment:

Todd Lindemann said...

For reference, also check out Mountain America’s Matrimoney program at:
http://www.macu.com/home/prod.prod_matrimoney