TINTON FALLS, N.J.-United Teletech Financial CU has resolved to help members keep their New Year's resolutions to save money with a slick web tool that could help lure new members-especially those in the coveted 18- to 30-year-old market.
UTFCU, which has labeled itself "Bank Transfer Headquarters," teamed up with Stickk.com to create "On My Way," a unique web-based platform that helps hold members accountable for sticking to their financial goals.
"It combines the research behind behavioral science, which shows that people are more likely to stick to a goal if someone is there to hold them accountable," said Ron Amor, sales and marketing manager at UTFCU. "We are the only financial institution that is doing this."
How It Works
The program works by having a member sign up for On My Way and establish a financial goal. It can be as simple as saving $5 a week for three weeks, or saving up a finite amount of money toward a particular purchase. Some 30 pre-programmed goal ideas are already set up on the platform, but a member can also establish his own specific goal. Then the member can invite friends and family to serve as "supporters" to help keep the member on track.
United Teletech's financial coaches can also be chosen as "referees" for the same purpose. The coaches are skilled financial professionals who have been trained to help members set and reach their financial goals and will serve users of On My Way for free.
As a member meets his goals, he can earn rewards points that can be redeemed for loan discounts and other perks at the CU.
"We truly believe in helping people prosper and On My Way is the evolution of that commitment to our community," said Leo Ardine, president/CEO of United Teletech Financial. "Making this platform available for the New Year is our way of providing the community with an exciting tool to help New Year's resolutions succeed."
Amor said the original Stickk.com platform was created by Yale researchers who explored the power of accountability in setting and reaching goals of all sorts.
Customized Platform
UTFCU took that platform and customized it for financial services. It's also compatible with Facebook, Twitter and other social media, so members can post and tweet about how they are doing. "When a member has reached a milestone on the way to [his or her] goal, the member can tweet about it and say, 'hey, I saved x dollars, I'm On My Way!'" Amor said.
Between the social media compatibility and the fact that members will be asking friends and family be supporters, On My Way will also serve as a means of introducing more people to the credit union.
"The hope is that the program, which is entirely free, will generate some goodwill so that when the member has some other financial need, like a loan, [he or she] will think of the credit union," Amor observed.
Amor declined to share the investment needed to establish On My Way and fund the earned rewards built into the program, but said it has dedicated significant dollars and people time to the program, but said none of that cost is being passed along to members who use it.
"We hope 20% of our members, particularly our younger members, will sign up for On My Way," Amor said. "We have started out by reaching out to members aged 18 to 30, but obviously anyone can benefit from it."
On My Way is the latest addition to UTFCU's U-Prosper program, which includes a financial education library online, as well as financial "reality fairs" held at area high schools.
