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
Showing posts with label Savings Revolution. Show all posts
Showing posts with label Savings Revolution. Show all posts
Tuesday, May 27, 2008
Tuesday, March 18, 2008
Savings Challenge meet the Financial Makeover
Community America Credit Union in Kansas City, MO has taken the concept of the Savings Challenge and given it a make-over, a Financial Makeover to be exact.
After the successful pilot of the Savings Challenge at GECU in 2007. Three credit unions decided to join the Savings Revolution and hold Savings Challenges of their own. A+ FCU in Austin, TX and Connex CU in New Haven, CT both implemented their own Savings Challenges for 2008. Community America CU put a little different spin on things. They took the concept and applied a little of their own flavor to it. The Financial Makeover was born.
The concept is still the same. They are helping four families meet their financial goals. As you can imagine each family doesn't have exactly the same goal. Instead Community America is helping them meet the goals that will improve their financial well-being. The Morrows are working towards "Budget Management," the Weinands are working on "Long-term Planning," the Carmichaels are in "Financial Recovery," and the Blinzlers are "Regaining Control." WOW, each family is going to be making changes in their lives to drastically improve their financial well-being.
And guess what.....you can follow along, because each family is going to blog about it. That's right social media at its finest, connecting real credit union members to, well, real credit union members.
I would encourage you to check out their stories, what they have experienced, and the motivation that they have to make a change in their lives. Do you have members just like these four amazing families? I will bet you do. What is your credit union doing to help them make a change?
Like several others, Community America figured it out!!
After the successful pilot of the Savings Challenge at GECU in 2007. Three credit unions decided to join the Savings Revolution and hold Savings Challenges of their own. A+ FCU in Austin, TX and Connex CU in New Haven, CT both implemented their own Savings Challenges for 2008. Community America CU put a little different spin on things. They took the concept and applied a little of their own flavor to it. The Financial Makeover was born.
The concept is still the same. They are helping four families meet their financial goals. As you can imagine each family doesn't have exactly the same goal. Instead Community America is helping them meet the goals that will improve their financial well-being. The Morrows are working towards "Budget Management," the Weinands are working on "Long-term Planning," the Carmichaels are in "Financial Recovery," and the Blinzlers are "Regaining Control." WOW, each family is going to be making changes in their lives to drastically improve their financial well-being.
And guess what.....you can follow along, because each family is going to blog about it. That's right social media at its finest, connecting real credit union members to, well, real credit union members.
I would encourage you to check out their stories, what they have experienced, and the motivation that they have to make a change in their lives. Do you have members just like these four amazing families? I will bet you do. What is your credit union doing to help them make a change?
Like several others, Community America figured it out!!
Wednesday, January 23, 2008
Savings Revolution
Let's Start a Revolution...
Anytime the word “revolution” is used I immediately think of the destruction and rebuilding of a government. If you look at revolutions in history you see government systems being removed and rebuilt. Take American history for example, the American Revolution caused the destruction of British rule over the colonies and building of a democratic government. So what does this have to do with saving money? The destruction of a savings environment has been happening for a few decades, the reasons that individuals fail to save are numerous: the rising cost of living, value of the dollar, and the need to have more toys then the neighbor. All are reasons that people would rather turn to borrowing than saving. Members ability and motivation to save has eroded overtime.
What can be done about this? For a revolution to take place there has to be rebuilding. The Filene i3 innovators put their brains together and created the idea of a “Savings Revolution.” The Savings Revolution is the idea that through social media and credit-union collaboration, people can change their financial lifestyles to save money and reduce debt.
The family that comes closest to or exceeds its financial targets is named winner and is given a substantial prize usually around $10k. The revolution occurs by other individuals and families seeing the changes that the participating family is making in the challenge and they participate at home, by using online resources or resources at their CU to make changes to their financial lifestyle. Ultimately this will combine savings with reality TV and it will lead to a revolution of how thousands of CU members, and non-members save money.
But will it work?? That is a great question, it is early in its development. GECU of El Paso implemented it in 2007 and they had a lot of success, their deposits and accounts went up, but most importantly they helped countless members change their saving habits. In 2008, there are 4 CUs looking to implement the Savings Challenge.
This is just an introduction to the idea; there will be a lot more about the Savings Revolution in the near future. Teaching members to save should be at the forefront of the Credit Union Movement, how better to do that then through a REVOLUTION!!
Anytime the word “revolution” is used I immediately think of the destruction and rebuilding of a government. If you look at revolutions in history you see government systems being removed and rebuilt. Take American history for example, the American Revolution caused the destruction of British rule over the colonies and building of a democratic government. So what does this have to do with saving money? The destruction of a savings environment has been happening for a few decades, the reasons that individuals fail to save are numerous: the rising cost of living, value of the dollar, and the need to have more toys then the neighbor. All are reasons that people would rather turn to borrowing than saving. Members ability and motivation to save has eroded overtime.
What can be done about this? For a revolution to take place there has to be rebuilding. The Filene i3 innovators put their brains together and created the idea of a “Savings Revolution.” The Savings Revolution is the idea that through social media and credit-union collaboration, people can change their financial lifestyles to save money and reduce debt.
The family that comes closest to or exceeds its financial targets is named winner and is given a substantial prize usually around $10k. The revolution occurs by other individuals and families seeing the changes that the participating family is making in the challenge and they participate at home, by using online resources or resources at their CU to make changes to their financial lifestyle. Ultimately this will combine savings with reality TV and it will lead to a revolution of how thousands of CU members, and non-members save money.
But will it work?? That is a great question, it is early in its development. GECU of El Paso implemented it in 2007 and they had a lot of success, their deposits and accounts went up, but most importantly they helped countless members change their saving habits. In 2008, there are 4 CUs looking to implement the Savings Challenge.
This is just an introduction to the idea; there will be a lot more about the Savings Revolution in the near future. Teaching members to save should be at the forefront of the Credit Union Movement, how better to do that then through a REVOLUTION!!
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