SACRAMENTO, Calif. — SAFE Credit Union added a financial management tool to its online banking solution in September 2008, and it's now reporting it's since seen a significant increase in new, profitable members with excellent credit coming on board via the web.
The credit union believes its addition of Digital Insight's FinanceWorks, which coincidentally occurred at the start of the stock market collapse, has helped it take members from the big banks, especially since SAFE CU's goal was to raise the image of the $1.3-billion credit union in the minds of local consumers.
"FinanceWorks is a very prestigious solution," said SAFE CU E-Commerce Manager Tarrah Palomino-Prim. "It takes our online banking environment to a new level that really rivals a larger bank's and allows us to bring tools to our members that the big financials are offering."
The goal was to grow deposits, deepen relationships with existing members, and differentiate SAFE in the marketplace. Palomino-Prim explained the move has accomplished all three. "We currently have 14.1% of active online banking users enrolled in FinanceWorks with a goal to have one-fifth enrolled by September 2009," Palomino-Prim told Credit Union Journal in early September. "It looks like we will pass that mark. In addition, FinanceWorks users average 5.7 accounts, compared with 4.4 accounts for our existing online banking users."
Palomino-Prim said FinanceWorks is appealing to members aged 18 to 44 who have "higher income levels. It's helping us reach a younger demographic and build deposits," she said. According to 5300 Call Report data, SAFE added $48 million in deposits from Sept. 2008 through March 2009. It grew assets by $125 million.
SAFE Credit Union was the first in the Sacramento area to launch FinanceWorks and is still the only financial offering the program, Palomino-Prim said. With FinanceWorks members get a simplified view of their cash flow, including future transactions and categorized personal and business expenses, helping them make better financial decisions and stay on budget so they can save more, she explained. "FinanceWorks lets our members manage all their bills in one place, regardless of how they pay them. It has transformed our web site into our members' primary hub of financial activity."
The credit union pushed the tool heavily over the web and via e-mail telling members to "Take control of your finances."
Sasan Goodarzi, president of Digital Insight, an Intuit company, underscores the advantage credit unions have today by "playing offense" and leveraging financial management tools. "Many more credit unions are seeing the benefit of adding FinanceWorks to their online banking solution." Digital Insight is located in Calabasas, Calif.
Best Practices CUJ 2009
CU: SAFE
Best Practice: Asset, Relationship Growth
Vendor: Digital Insight
