Members' Needs Driving Force Behind PFM Adoption
After raising the wrath of some of its members who had grown used to a personal financial management tool, Unitus Community Credit Union made the hard decision to go with another firm.
The $915 million Unitus Community CU blocked access to a popular online personal finance software service provider over possible security issues, said Laurie Kresl, vice president of planning and business development for the Portland, Ore.-based credit union.
Those issues aside, some credit unions have had varying degrees of success in marketing PFM solutions. According to Geezeo, the approximate average member adoption rates among the 112 credit unions it serves ranges from 8% to 20%.
For instance, the $568 million Newport News, Va.-based First Advantage Credit Union’s PFM adoption rate is more than 14% among 30,000 online users, and the $340 million Call Federal Credit Union in Richmond, Va., has signed up 13.6% of its 6,900 online users, according to Geezeo. First Advantage and Call Federal serve 57,111 and 28,705 members, respectively.
8 Tips on How to Market a Personal Financial Management Solution
• Highlight the benefits. It saves time, saves money, and reduces debt within contextual ads that show how a PFM can improve the financial lives for members.