SAN FRANCISCO – A study released today by the Filene Research Institute indicates that SaveUp – a savings rewards program piloted by several CUs earlier this year – has raised financial awareness and helped participating institutions deepen relationships with members.
The study, titled “SaveUp: Making Positive Financial Behavior Fun” is an independent review of the six-month pilot program. It found FIs using SaveUp saw increased visits to their websites (64% visited weekly and 49% visited three or more times each week). Industry benchmarks show the average consumer visits his or her online banking site twice per week.
More than half of the participants reported SaveUp participation had helped motivate them to save money and pay down their debt, and 40% of survey respondents reported a more positive opinion of their FI after using SaveUp. CUs also saw increased Net Promoter Scores. CUs using SaveUp saw a 76.4% NPS, rivaling the likes of USAA and Apple, and 75% of participating members recommend their CU to family and friends.
“Our research shows the SaveUp program is a win for the financial institutions and their members,” said Mark Meyer, CEO of the Filene Research Institute. “SaveUp greatly enhanced their ability to engage with their members, raise awareness of their products and services, and influence positive savings behavior by making it fun. We are pleased that the majority of participating financial institutions are continuing their relationship with SaveUp beyond the six-month pilot.”
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