Savings Program Launched With Filene Backing
The industry push to promote improved savings behavior among consumers while also drawing new business was ratcheted up with a pilot initiative involving 20 credit unions and sponsored by Filene Research Institute and SaveUp, a fledgling San Francisco firm.
The SaveUp-Filene pilot looks to represent a fresh approach on savings rewards–distinct from the ongoing league-backed Save to Win promotions–that credit unions can undertake to build online account traffic.
The California firm said also its program allows credit unions to run savings rewards efforts without running into the legal and legislative obstacles it has encountered in some states. SaveUp can be distributed by any credit union in all 50 states, the company said.
“We can also work with credit unions that have implemented the Save to Win program to motivate members to build their wealth,” said Priya Haji, CEO of SaveUp. “Members just have more opportunities to get rewarded and win prizes for saving money.”