INDIAN WELLS, Calif. — Several credit union executives recently shared how incorporating financial education programs into sales and service programs has helped their financial institutions achieve "bottom-line benefits."
Hosted by Precision Information, a publisher of interactive educational materials, more than 20 executives attended the Sept. 23-26 Educated Investor Collaborative-Discover the Bottom Line Benefits of Financial Education conference here that featured presentations by industry experts on increased employee financial education and industry case studies in which credit unions have integrated financial education into sales and service programs.
A presentation by Matt Osborn, training director of Desert Schools FCU, showed more than 325% growth in revenue from 2004 to 2006 after incorporating employee financial education into a sales and service program. Mountain American CU's "Build Your Retirement Campaign" led to respective 92% and 125% increases of individual retirement accounts and term deposits in a four-month period from January through April 2007.
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A Precision Information survey of more than 2,000 credit union employees who were tested on basic financial education scored an average of 55.7%. A follow-up survey showed an average 30% increase after a small amount of financial training.
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