CU Solutions Group of Livonia, Mich. said its SaveUp program, which provides rewards to encourage members to save money and pay down debt, has helped users save a total of $449 million and pay down $296 million in debt, as of May 2013.
More than 40 credit unions nationally are incorporating the SaveUp program into their marketing and business development plans, including the $309 million Belvoir FCU in Woodbridge, Va., the $79 million SIR FCU in Negaunee, Mich., the $2.4 billion Veridian CU in Waterloo, Iowa, and the $878 million Northeast CU in Portsmouth, N.H.
“SaveUp's rewards system is based on behavioral science and innovations in technology to engage members, particularly Gen X and Gen Y,” said Priya Haji, CEO at SaveUp in San Francisco, CU Solutions Group's partner in the program. “It creates an opportunity for credit unions to be a long-term partner in their members' financial future, while originating new products and services as the member's ally.”
More than 45% of SaveUp users are connecting weekly with their credit union branded content, according to CU Solutions Group.
For example, SaveUp has generated more than 2,600 inquiries for new products and services for credit unions through personalized recommendations. Product inquiries range from new credit card applications, refinancing car loans, mortgages, as well as savings related products, according to CU Solutions Group.
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