FREE Webinars, Hosted by Filene's Sabbatical Team

Credit unions all over the world are innovating and you can, too. We're hosting free Webinars in June to show how three Filene i3 innovations: MatriMoney, Savings Revolution, and Prize-Based Savings have worked in other credit unions and how they can work in yours, too. If you have read this blog before, than you have already read about some of the great things that credit unions are doing with these three projects. Come here why they are successful and what your credit union can do.

You can register for the Webinars by emailing me at kentsugg@filene.org. Send me an email with your name, credit union, and session that you'd like to attend. Do it today because space is limited.

June 6th at 10:30
June 9th at 2:30
June 11th at 10:30

MatriMoney...What else?

Over the past few months, I have been able to talk to dozens of credit union professionals about the great projects that I am working on. The ideas are always well accepted. What we have seen, specifically with MatriMoney is that the oppurtunity and potential use doesn't only exist within the wedding registry idea, but it could be adapted for baby registrations, Quinceaneras, high-school graduations, college graduations, or really any other major life event that gives someone the opportunity to ask their family and friends for gifts.

The great thing about the MatriMoney idea and what it holds, is that operationally there isn't a whole lot that goes into it. The way that it functions and the way that it is marketed, is the key. So to enhance the idea and change it to benefit another "big event" for a member's life, really isn't quite that difficult. Credit unions can use this idea to meet several needs of their members, without limiting it to just the newlyweds.

Isn't innovation fun...projects don't get built and stop, they continue to evolve as the need changes and/or grows.

Here's to innovation!!!!


P.S. Everyone have a great Easter Weekend.

MatriMoney...how do you want it??

We are looking at two ways to get MatriMoney to the members?



Again I want to know what you prefer, and which your CU is more likely to grab onto. There are two ideas behind MatriMoney and what it can/should look like.



The first: Is the traditional CU implementation of MatriMoney. The CU will pick it up, they will use the established brand name and maybe even some consistent collateral, but how it will be handled will be based solely on the discretion of the CU. Have a look at North Island CU and Mountain America CU, they have both established some excellent MatriMoney wedding registry programs. Both are prime examples of an example implementation of MatriMoney at a CU. It certainly serves the purpose of the member, and that is the ultimate goal.

But here is a little bit bigger idea. Lets say that a a CUSO or some other CU oriented organization wanted to pick up and develop MatriMoney into a very in depth online registry. The members can establish goals, they will receive common collateral, and this will allow for online deposits to the account via Credit/Debit Card, ACH, and auto-drafts. So potentially Aunt Suzie in Germany who can't fly in for the wedding, can go online and deposit a gift without leaving home. You are thinking, well that is cool, but where is the CU involved?? The idea is that any and all CUs that want to participate will be able to "link up" with the MatriMoney website. The CU will actually be the account custodian, not the website, the website just provide a detailed online tool, to gather deposits for the account. So the individuals would be required to be members of a participating CUs to use the product. This would allow members who go to their CU to get the account and individuals that just heard about it and want to get it, can join a CU locally that they qualify for. (New member acquisition)

So that wasn't exactly easy to put in type, but I think you should be able to grasp the concept. In respect to what we are doing, we will continue to find and help CUs implement MatriMoney on a CU level, but we are also exploring the idea of finding a partner to develop the project to meet a much larger potential.

So I want your thoughts!!! As a CU rep, do you think that your CU would be more likely to take this develop and implement it themselves? OR Would they choose the other path, that is likely quicker, with less required development and join in on the much larger scale? What fits your CU best? What do you think is the potential for MatriMoney?

I look forward to your feedback it will be very useful moving forward. Thanks!!!

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.