Attracting SEG Employees: The Power of Financial Wellness for Credit Unions
In an increasingly competitive financial landscape, credit unions must continuously innovate to attract new members and deepen existing relationships.
By leveraging their SEG relationships, credit unions can expand their membership by offering tailored products and services that align with the needs of SEGs and their employees. To drive member growth through SEG partnerships, credit unions should focus on keeping SEGs actively engaged and providing value-added services that enhance employees’ financial well-being. Both objectives can be achieved through well-designed financial wellness programs and resources that deliver meaningful, measurable benefits.
Let’s explore how your credit union can utilize financial wellness tools and resources to grow membership and establish itself as an indispensable partner for your SEGs.
The Rising Demand for Financial Wellness
Financial wellness products have surged in popularity as more individuals recognize the importance of financial health in their overall wellbeing. From budgeting tools and debt management solutions to educational resources about saving and investing, these products empower individuals to take control of their finances and build a solid foundation for their future.
SEG employees are no exception to this trend. Amid economic uncertainties and increasing financial stress, they are seeking robust financial wellness solutions that can help them navigate their financial journey confidently.
Credit unions, with their member-centric approach and community focus, are uniquely positioned to meet this growing demand. By offering well-constructed and thoughtful financial wellness programs and solutions tailored to their SEGs, your credit union can cater to the needs of SEG employees, helping them to achieve financial stability and wellness.
Creating a True Partnership with SEGs
Cultivating meaningful relationships with SEGs is a crucial initial step in promoting employee engagement and boosting membership growth, as employer endorsement can go a long way for credit unions. Financially healthy employees contribute to overall productivity, so offering a financial wellness program to SEGs can motivate your partner companies to promote your offerings to their employees, resulting in greater adoption. This positions your credit union as a go-to resource for financial education and support, fostering strong relationships with SEGs and their employees.
An indifferent SEG, however, does little to help increase your membership. It’s important to ensure that your SEGs are aware of the benefits they derive from the partnership, encouraging them to play more of an active role in attracting employees to become members of your credit union. In this way, a strong partnership builds the foundation for ongoing success to the mutual benefit of your credit union, your SEGs, and their employees.
Delivering Financial Wellness to Engage with SEG Employees
Catering to employees’ needs for financial wellness offers a variety of avenues for engagement. Here are a few simple tactics to engage with your SEG employees and onboard new members:
Hosting lunchtime seminars: Monthly seminars on financial wellness topics like budgeting and retirement planning have a low barrier-to-entry for employees. Offering lunch (or a lunch gift card for remote workers) helps get employees in the door. Having a personable credit union employee host can help reinforce the idea that your credit union cares about their financial wellness, and gathering names and email addresses of attendees makes nurturing after seminars easy.
Getting involved with orientation: People tend to reevaluate their financial situation at major life events, so orientation is the perfect time to catch employees during a major change. Learning about your SEGs’ orientation processes and creating specific marketing materials can help your credit union stay top-of-mind during this major change.
Providing HR resources: Ask HR professionals at your SEGs about common financial questions they need to answer for employees, and create resources such as whitepapers or e-books to meet these needs. By helping HR, your credit union gets easy marketing any time they provide a resource, and staying engaged with their HR department will make them more likely to direct employees to your credit union.
Offering free digital tools: In the digital age, consumers expect more online tools, and SEG employees are no exception. By providing modern digital tools and mobile apps to employees, your credit union can use an omni-channel approach to increase engagement, personalize their experience to provide relevant product offers, and gather valuable analytics.
How Ovation Elevates SEG Relationships
Ovation (formerly known as Paperwork) is a comprehensive financial wellness platform designed to assist credit unions in better serving and supporting the financial wellness needs of SEGs and their employees. With Ovation, credit unions have the opportunity to provide a fully integrated all-in-one financial wellness program to their SEG partners as an employee benefit. As illustrated by this case study with BCU, the Ovation approach results is in deeper SEG relationships and the ability to significantly boost member growth.
Discover how we can help you turbocharge your SEG relationships by scheduling a consultation today.