The greatest success we can have as a credit union is to be able to help our members achieve their dreams. Credit unions do this every day by helping members buy their first home, or working with a member on getting out of debt, but what if we can be there throughout the member’s journey to reaching their dream and partner alongside them for success? We are working on an app at White Crown Federal Credit Union to make this possible.
The Dream Maker App would be a two-way communication tool between credit union staff and members regarding what the member is striving for and providing opportunities for the credit union to become a partner by rewarding savings and helping the member build credit. These member dreams would be unlimited by traditional lending products and range from a dream wedding, to a classic car to a trip to another city to see their favorite singer in concert.
According to a recent study from Charles Schwab, people from across the generations prefer a mix of the human element with technology when it comes to managing their money. While credit unions have had heightened focus on attracting the millennial generation, the Dream Maker App would be something that can both attract Millennials and Gen Z, but also form stronger relationships with Gen Xer’s and Baby Boomers. The use of apps is increasing in all age groups and by adding the convenience of access with the support of a real person, it’s the best of both worlds.
Capabilities and Results
A focus for the development of the Dream Maker App is to fully integrate it with our core banking system so the experience is seamless for both staff and members. In addition to savings and credit data from our system, credit union staff can send messages of congratulations for reaching milestones, upload checklists regarding credit score improvement, and communicate savings or loan promotions that are applicable to what the member is striving for. The member would then have the ability to share and save articles and images regarding their dream to increase motivation and communication.
The result of personalized interaction and automated tracking is partnership. Measuring the results of this partnership can be achieved by tracking net promoter scores from both the overall membership and group of members using the Dream Maker App. Demographics can also be tracked regarding new accounts after app rollout, and the different generations using the app for information that can be used to market the Dream Maker App more successfully.
Now that I have a good idea of both the goals of the Dream Maker App and its capabilities, I will be working with a development and consulting company regarding the framework necessary to make this a reality. White Crown FCU’s management team has also begun discussing possible funding opportunities to get this project off the ground, and will be looking at resources including our association’s Credit Union Foundation.
I truly believe that the Dream Maker App will be a unique and fulfilling tool for credit union membership. Consumers are being driven by and drawn to custom experiences through technology and this app can deliver that to them.
I appreciate the opportunity to bring this idea to life and share it with our credit union movement. I also look forward to sharing ongoing updates with all of you!