Financial wellness: engaging members where they are
In today’s digital-first world, financial wellness is more than just a buzzword—it’s a key opportunity for credit unions to build trust and foster deeper member engagement. As financial institutions that prioritize member well-being, credit unions are uniquely positioned to offer tools and resources that address financial challenges and improve financial health. However, delivering these services effectively means meeting members where they are—on their smartphones.
Let’s explore why credit unions should prioritize mobile financial wellness tools alongside their website offerings and highlight key features that drive member trust and engagement.
The importance of mobile access
Mobile banking has transformed how members interact with their credit unions. A recent survey found that nearly 80% of banking customers use mobile apps to manage their finances. For younger members, this percentage is even higher, with Gen Z and Millennials preferring mobile solutions over desktop or in-person services.
Offering financial wellness tools through mobile apps isn’t just about convenience; it’s about staying relevant in a competitive landscape. Members expect seamless, on-the-go access to manage their financial lives. Without a strong mobile presence, credit unions risk losing engagement and, ultimately, member loyalty.
Key elements for mobile engagement
When it comes to financial wellness, members seek tools that simplify and enhance their financial journeys. Here are some key elements of a financial wellness system credit unions should consider including in the mobile experience:
1. Educational Resources
Providing members with easy-to-understand, actionable financial education is essential. Topics like budgeting, debt management, saving for retirement, and understanding credit scores empower members to make informed decisions. Mobile platforms offer the perfect opportunity to deliver bite-sized lessons, videos, and interactive chatbot experiences that fit seamlessly into members’ daily lives.
2. Expense and goal tracking tools
Helping members track and categorize their spending habits can significantly improve financial awareness. Expense tracking tools within a mobile app allow members to set spending limits, receive real-time notifications, and analyze their expenses—all of which are critical for developing better money management habits. Allowing them to track their savings goals in real time also helps members stay motivated and make informed financial decisions.
3. Financial Coaching Sessions
A mobile app should make it easy for members to connect with a financial coach directly. From scheduling appointments to messaging coaches, an integrated solution saves time and reduces friction for members seeking personalized guidance. The human element of coaching, combined with the accessibility of technology, creates a powerful support system for members.
4. Reminders and notifications
Whether it’s a gentle nudge to pay a bill, reminders to save for a goal, or notifications about upcoming financial literacy workshops, timely and relevant push notifications keep members engaged and on track. These reminders can also be tailored based on member preferences and financial behaviors, adding a personalized touch.
The business case for mobile
Most credit unions have robust financial wellness tools and resources on their websites, but this often does not translate into native mobile access. Why should credit unions invest in mobile financial wellness tools? Beyond member satisfaction, these resources directly contribute to stronger member relationships and higher retention rates. Mobile solutions make it easier for members to take control of their financial health, reducing financial stress and increasing trust in their credit union. For a financial wellness program to be truly effective in the digital age, a mobile-first approach has become crucial.
Mobile platforms also provide valuable analytics to credit unions, offering insights into member behavior and needs—enabling data-driven decisions to further enhance services.
How Paperwork can help
At Paperwork, we understand the challenges credit unions face in delivering financial wellness programs that resonate with members. Our platform offers a mobile-first experience that includes educational content, spending trackers, and seamless scheduling for financial coaching—all designed to deepen member trust and engagement. Our end-to-end enterprise solution helps credit unions effortlessly co-brand and tailor these tools to their unique membership base.
To learn more about how Paperwork’s platform can transform your credit union into a trusted financial wellness partner for your members, schedule a consultation with us today.