We talk a lot about innovation in financial services, and that conversation often centers around app updates and product features. But at a time when financial anxiety is rising and savings rates remain low, perhaps the better question is:
Are we actually helping people build lasting financial resilience?
In Minnesota, one innovative answer to that question has made a meaningful impact. Over the past decade, the WINcentive prize-linked savings program has helped members save nearly $11 million.
Minnesota’s program is designed to make saving money engaging, rewarding, and accessible. I don’t need to tell you our world is changing, and that technology has been reshaping how people interact with their money. We’re in a new era of engagement built on ease of experience, little nudges, and rewards. Gamified products have gained popularity because they tap into psychology: that oh-so-motivating chance to win, and this time, paired with doing something that’s good for one’s financial future.
What’s more, people still want to be part of something they can trust. That’s where credit unions have an unmatched advantage with our cooperative model.
Recent WINcentive survey data reinforces this trust connection. When members build savings, they deepen their relationship with their credit union:
- 60% of participants say building savings makes them more likely to use additional CU products.
- 80% say the program makes them feel more excited about their credit union.
As we approach the historic $84 trillion generational wealth transfer that’s on every CU leader’s mind, we have an opportunity and responsibility to lead differently. When we combine our cooperative purpose with smart engagement strategies, members win, today and over the long term.
Younger consumers expect financial tools that feel intuitive and rewarding, and it doesn’t hurt to look good either. We refreshed the WINcentive brand to give it a more vibrant and digital-forward feel, and we’re also offering more opportunities for consumers to be rewarded for saving throughout the year.
As credit unions, while we may not always set trends, we can set the standard for financial empowerment. And, if we do this well, the next generation will choose us.
