Who doesn't love to make an easy buck? There's nothing better than feeling a little flush from time to time, especially when it requires little effort on your part. Tech savvy individuals, Millennials in particular, have making easy money down to a science. From selling goods online, using apps for automatic cash back, or surveys for free gift cards, there's almost an art to making a little extra cash. But, wouldn't it be great if there were more regulated ways to rack up some side cash? With creative enhancements to your credit union software, there are!
The Art of Making Easy Money
Companies such as Acorns.com or Bank of America's "Keep the Change" program have become popular, offering savings techniques that are almost effortless, rounding up your purchase and investing your spare change. However, many of these Millennials may not realize that similar technology is available right where they are already banking - at their local credit union. By maximizing core technology, financial institutions a
re able to offer these credit union savings solutions and benefits to members.
Regulated Ways to Rack Up Side Cash
Of Americans surveyed recently, fewer than 1 out of 5 people reported that saving money is their top financial priority. Most were merely trying to stay current with their bills, with only a handful actually working to pay down their debt.
Challenges in Saving Money
Delving further, those that were attempting to save a few dollars were of a younger subset, and potentially not as leveraged with household expenses as others. Items such as mortgages, auto loans, and family expenses often take priority, and having a savings plan can be a challenge.
Appreciating Creative Solutions
Creative solutions are needed (and appreciated) when it comes to saving money for a member's rainy day fund.
Financial Priorities of Americans
Many credit unions offer savings solutions and member services that can improve their members' lives and financial well-being, resulting in member loyalty and illustrating the Credit Union Difference.
Leveraging Innovative Credit Union Technology
Using innovative credit union technology, you can offer competitive products, such as the Change Saver Program mentioned earlier. Others offer the ability to skip a payment on loans during a period of temporary financial stress.
Credit Union Solutions for Member Well-being
Some credit unions offer credit cards that incentivize members to save money by securing a lower APR. Members who maintain timely payments over time can see their APR automatically reduced; other members might enjoy a 0% APR for a balance transferred in from a credit card at another financial institution.
Innovative Credit Union Technology
No matter what your money savings techniques your credit union offers, It's important that your members know about them. Train staff to mention these savings opportunities to your members regularly. If these opportunities are presented correctly to your members, they will love you for it. After all, credit union member services are about providing the right tools and technology that add value to your members' financial lives.
