The Role of Credit Unions as Employee Benefits Partners to SEGS
As credit unions compete with traditional banks and fintechs, leveraging unique opportunities like enhancing SEG relationships can play a crucial role in their continued growth.
Companies are looking for ways to provide financial wellness to their employees, so for credit unions working with company partners (SEGS), this provides a great opportunity to be their go-to provider of financial wellness benefits. In this way, your credit union can address the financial concerns of employees while potentially attracting them as new members.
Let’s explore the changing expectations of the modern workforce and how credit unions can meet these needs.
The Opportunity for Credit Unions
Today's employees seek more from their employers than just a paycheck. They look for comprehensive benefits packages that address their overall well-being, including their financial health. However, many companies, especially small to medium-sized businesses, struggle to offer competitive, meaningful benefits due to resource constraints. This gap presents a unique opportunity for credit unions, with their community-focused ethos and financial wellness mission, to step in as an invaluable resource to their company partners.
Credit unions are uniquely positioned through their SEG relationships to offer financial wellness resources as an employee benefit. By integrating financial wellness into employee benefits packages, credit unions can significantly impact employee satisfaction within their SEGs. The result? SEG relationships can potentially be a rich source of new membership growth at a fraction of the cost of other acquisition channels.
Enhancing Company Partnerships
From offering direct financial wellness programs and exclusive banking products to conducting educational workshops, partnerships with credit unions can significantly enhance a company's benefits package. Tailoring these partnerships to meet the specific needs of each company ensures that programs are more engaging and effective. These partnerships create a symbiotic relationship, in which credit unions can potentially gain more members and member loyalty, while companies garner employee satisfaction.
Implementing financial wellness programs requires careful planning and execution. Credit unions should focus on best practices for program design, delivery, and engagement strategies. Communication, educational initiatives, and the use of technology are key to successfully engaging company partners and their employees. Tools such as financial wellness apps can play a crucial role in delivering personalized, impactful support.
How Ovation Can Help
At the heart of our mission is the belief that financial wellness should be accessible to all. The Ovation platform is designed to bridge the gap between credit unions' capabilities and the financial wellness needs of company partners and their employees . With features like educational modules, financial tracking, document organization and personalized coaching, our platform enhances the financial wellness tools and resources of our credit union partners, helping them deliver engaging programs that meet employees’ needs. View our BCU case study as an example of how we helped BCU boost membership through the Ovation platform.
The Future of Employee Benefits
Looking ahead, the potential for credit unions to redefine the landscape of employee benefits is immense. By prioritizing financial wellness and leveraging partnerships and technology, credit unions can play a central role in enhancing the well-being of employees, thereby redefining their SEG partnerships and boosting membership growth.
The evolution of credit unions into comprehensive partners for employee benefits marks a significant shift in how we approach financial wellness in the workplace. By embracing this role, credit unions can provide invaluable support to both company partners and their employees, driving satisfaction, productivity, and loyalty.
Ovation’s turnkey program is an easy and cost-effective way to turbocharge your SEG relationships. Discover more about how we can help you by scheduling a free consultation today.