When Martin Carter launched the EmpowerMe! financial wellness program at Astera Credit Union, he wanted to improve members’ financial lives. He was also well aware that the program’s participants would qualify for more of the credit union’s products and services.
Carter, president/CEO at the $202 million asset credit union in Lansing, Mich., says he was turning down half of all loan applications and a similar number of checking accounts. Because the goal was to improve the credit union’s performance as well as that of members, financial well-being efforts had to be outcomes based.
Through EmpowerMe!, members work with certified financial coaches to improve their credit scores. Later, Carter launched an online program to provide more flexibility for members, as well as instant feedback and rewards.
In this episode of the CUNA News Podcast, Carter describes why financial well-being is not only about education, but turning knowledge into positive outcomes for both members and the credit union.
Credit Union Rock Stars are outstanding credit union professionals and directors from a wide range of disciplines who inspire and innovate to advance the missions of their credit unions. The 25 members of the 11th class of Rock Stars were selected for their exceptional creativity, innovation, and passion.
