EarnUp featured on the Finopotamus 2024 Holiday IT Wish List

December 20, 2023

Wishing for Financial Wellness Tools, Member Engagement and Deposit Growth Strategies

  

In 2024, financial wellness tools, member engagement, and deposit growth strategies in “a microeconomic environment” will continue to “dominate discussions” for financial institutions (FIs), especially credit unions, EarnUp Vice President of Product and Operations Brad Woodcox told Finopotamus.  

“As we move into a new year, credit unions must identify ways to better engage with members. One surefire way to do so is to offer financial wellness products that solve members’ top concerns,” he said. “Currently, some 70% of Americans are stressed about their personal finances and uncertain about whether they can get it under control. They want tools that help them better manage their spending, and automate strategies, like bi-weekly mortgage payments which accelerates loan payoff and saves money in interest.”

The San Francisco -based EarnUp offers a platform that automates loan debt repayment. Over the last 10 years, the company has helped over three million consumers to pay off mortgage, auto, student and personal loan debts. 

From budgeting apps, loan repayment programs, rewards-based savings, and educational resources, Woodcox said “practically every financial institution is racing to offer the latest cutting-edge financial wellness tools to help increase engagement and grow deposits.” This approach, he added, is shaping consumers’ expectations.

“In response, organizations are building financial tools and competition is increasing. However, they’re missing the mark,” he said, offering an example. “Intuit’s plan for reimagining Mint as part of Intuit Credit Karma has not been met with much enthusiasm from users. After all, Mint serves as a budgeting tool and Credit Karma is a dubious replacement that has different incentives. Ultimately, it provides sponsored recommendations that encourage debt versus support financial stability.”
  

With consumers seeking proactive financial wellness help form FIs, he said credit unions are well-positioned to fill that need. 

“Credit unions can continue to lead with a member-first approach, which drives both their mission and their long-term stability,” he noted. “To do so, credit unions must continue to seek out ways to better support their members. To maintain this commitment amongst competitive threats, they’ll need to explore new approaches.”

 

 

 

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