CU Mag: What are some factors to consider when designing products or programs intended to improve members’ money management skills?
Hubbard: You want to think about things from [your audience’s] standpoint. You don’t want to dumb things down, and you don’t want them to [feel] like they’re [getting] handouts. You really have to be careful in terms of how you present [a product or program].
Langtry: You need to know it takes a large time commitment, but it’s worth it if it’s something you really want to do. You have to tweak it, and listen to your members and your teachers teaching the program, and then adjust accordingly. You have to be adaptable. What works this year may not work next year.
|Rachel Langtry, Vice President of Marketing and Communications, Credit Union 1|
CU Mag: What advice would you offer a credit union looking to start programs and products designed to improve members’ money management skills?
Hubbard: You have to look at the area that you want to serve. You have to do your best to understand the area, and you have to make decisions based on the area and the people. You [also] have to realize who your target market is when you’re creating products, and price the product accordingly.
Langtry (left): If you want your program to be successful you have to put the time and effort into doing it. You have to be proactive in terms of marketing it. You also have to have a culture of community within your credit union.
You also really need to reach out to your nonprofit community. They need a lot of help, and in turn they can help you get your program off the ground, because they have clients and people that really need the services of the credit union.
2011 LOUISE HERRING AWARD WINNERS
First-place winners of the Louise Herring Philosophy-in-Action Member Service award amped up their financial education outreach and services in these ways: