CUProdigy’s Round Up saves members $1.3 million

Credit union that achieved 44% adoption shares best practices

Credit unions on CUProdigy’s core system helped members save more than $1.3 million in 2018 by promoting the CUSO’s debit card Round Up program. Round Up is a free module included with CUProdigy core that allows members to automate their savings goals.

ABC News reported that 37 percent of those polled said saving money was their number one New Year’s resolution for 2019. The program is so popular with members, the $334 million Denver Community Credit Union achieved 44% member participation.

“We are dedicated to advancing financial opportunity, and this includes finding ways to help members save automatically,” explained Helen Gibson, DCCU’s VP of strategic outreach. “Denver Community found a way to reward loyal members with a high interest rate while also encouraging a critical financial habit, saving money.”  Gibson shared five best practices to achieve a high adoption rate for savings programs.

They include:

  • Make sure member-facing staff talk about the product with members.
  • Entice members with a differentiating rate.
  • Monitor and improve your program using data.
  • Reduce friction by making sign up easy. Don’t make members jump through hoops to benefit from this program.
  • Use data to target market potential members that would benefit.

Mark Lenaway, CEO of the $15 million Northern Illinois Credit Union in DeKalb, Ill., launched Round Up in 2018 after a core conversion to CUProdigy allowed him to completely automate the process. Lenaway said NICU members love Round Up, with one member using the program to pay down debt one handful of change at a time, rather than build savings.

The $107 million Lewis Clark Credit Union in Lewiston, Idaho, also helped members save money.  “We collaborated with CUProdigy to create our debit card Round Up program because we are savers at heart and wanted to give our members an avenue toward being savers as well,” said Mary Light, Lewis Clark VP of IT.

“Our commitment to superior execution means executing equally for all of our credit unions, from the smallest to the largest,” said Prodigy President/CEO Bret Weekes. “Because we bundle all our modules, every credit union on our core platform can takes advantage of all its features. Round Up is a good example of this.”

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