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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.
In this episode:
0:23: Episode introduction
1:45: Intro to Empower Me
2:50: How Empower Me started
10:32: Results of Empower Me
15:48: Empower Me also creates revenue
17:33: Astera CU receives 2023 Outstanding CU of the Year award