How to help members after federal unemployment runs out

Federal unemployment assistance during COVID-19 has kept many families (and some say the U.S. economy) afloat throughout the pandemic crisis. While the near-term future of the benefit remains unknown, the extra $600 a week won’t last forever. Credit unions should mobilize now to help unemployed members prepare for, and eventually wade through, the financial disruption of an end to federal assistance.

A simple analysis of first-party member data is a good place to start. Through a three-tiered approach, credit unions can build a highly targeted member list that serves as the foundation for efficient and effective member outreach strategies.

Tier 1: Direct Deposit

A quick search for accounts that have received federal unemployment deposits will generate a good starting point for outreach. Some credit unions may even choose to stop here if the list is of manageable size. Others may need to segment the list and prioritize outreach to better identify members most likely to benefit from the credit union’s assistance. Additional segmentation options for consideration are provided in the tier 2 and 3 analysis below.

 

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