Securing the Future of Credit Unions: Leveraging Goalsetter for lifelong member engagement
By Tanya Van Court, CEO and Founder, Goalsetter
September 21, 2024
As we look to the future of credit unions, we must recognize the critical need to adapt to the evolving financial landscape and the expectations of the next generation of members. Credit unions have long been the champions of community-based, personalized financial services, but today’s digital natives – Millennials and Gen Z – require a different approach.
To secure their future, credit unions must focus on creating seamless transitions from youth to adult banking solutions and fostering lifelong member engagement. Goalsetter, an education-first family finance platform, provides a powerful pathway for credit unions to achieve these goals by engaging both youth and parents through innovative financial education tools and community partnerships.
Engaging Digital Natives Through Financial Education
Today’s youth expect their financial experiences to be as seamless and engaging as their interactions with digital media. Gen Z, in particular, has grown up in a world dominated by digital platforms, spending a significant portion of their time online and relying on social networks like TikTok and Instagram for information, including financial education.
For credit unions to remain relevant, they must offer digital-first, engaging financial solutions that appeal to these younger generations. This is where Goalsetter becomes an invaluable partner.
Goalsetter offers credit unions the tools to connect with younger members through a unique blend of digital banking and financial education. Central to this offering is the Cashola Teen and Tween Debit Card, which provides financial independence to young users while also engaging them through interactive educational features.
The "Learn Before You Burn" feature, in particular, sets Goalsetter apart from other platforms by giving parents an unprecedented level of engagement and involvement in their child's financial development. This innovative tool allows parents to freeze their child's debit card if they have not completed their weekly financial literacy quizzes, thereby directly tying financial privileges to educational achievements.
This level of involvement not only encourages responsible financial behavior in children but also strengthens the bond between parents and credit unions as partners in the financial education journey.
Partnering With Local Schools to Foster Financial Literacy
One of the most powerful ways credit unions can create lifelong member engagement is by becoming an integral part of their communities through partnerships with local schools. By collaborating with schools to implement financial literacy programs, credit unions can position themselves as the go-to financial institution for families seeking comprehensive and trustworthy financial education solutions.
Goalsetter Classroom is a prime example of how credit unions can work with community schools to deliver high-quality financial education to students. This program is designed to align with national financial education standards and provides a fun, engaging curriculum that makes learning about money accessible and relevant to students of all ages.
Through these partnerships, credit unions can sponsor Goalsetter Classroom in local schools, enhancing their community presence and reinforcing their commitment to fostering financial literacy from a young age.
A recent independent study of Goalsetter Classroom results showed a significant increase in students' financial aptitude – by up to 43% – with many achieving up to 90% financial literacy mastery. These impressive outcomes underscore credit unions' impact when they champion financial education in local schools.
By integrating Goalsetter Classroom into their community outreach efforts, credit unions can differentiate themselves from larger, impersonal banks. They can build stronger relationships with local families, who will see their credit union not just as a place to hold a checking account but as a trusted partner in their children’s financial education journey. This strategy helps attract new members and fosters long-term loyalty, as families are more likely to remain with a credit union that has played a meaningful role in their lives.
Seamless Transition From Youth to Adult Banking
Credit unions are uniquely positioned to offer a seamless banking experience that grows with their members. By partnering with Goalsetter, credit unions can provide an intuitive transition from youth-oriented banking services to more sophisticated adult financial products.
Starting with FDIC-insured savings accounts for children and teenagers, Goalsetter introduces young members to the fundamentals of saving, investing, and responsible spending. As they mature, Goalsetter equips them with the confidence to explore investment accounts and wealth management services through their credit union.
This seamless transition is vital for cultivating lifelong member relationships. It allows credit unions to start engaging members at a young age and continue to offer value-added services as they grow.
Goalsetter’s customizable platform enables credit unions to co-brand these solutions, ensuring that the credit union’s identity remains front and center while leveraging Goalsetter’s innovative tools. This approach helps maintain brand loyalty as youth transition to adult banking, reinforcing the credit union as their trusted financial partner.
Building Intergenerational Wealth and Engagement
Goalsetter’s focus on intergenerational wealth-building offers a compelling value proposition for credit unions. Wealth is not only about financial assets but also about financial knowledge passed down through generations. Studies show that 90% of wealthy families lose their wealth by the third generation due to a lack of financial literacy.
Goalsetter aims to combat this trend by providing tools that enable families – grandparents, parents, and children – to engage in financial education together. By empowering all generations within a family to understand and manage their finances effectively, credit unions can position themselves as indispensable partners in the journey toward financial independence.
A Partnership Aligned With Credit Unions’ Core Values
Credit unions are fundamentally different from traditional banks because they exist to serve their members, not shareholders. Goalsetter’s mission to provide equitable financial access and education aligns perfectly with these core values. Unlike many fintech competitors, Goalsetter does not aim to replace credit unions but to empower them. Our platform is designed to complement credit unions’ offerings, enhancing their digital presence without compromising their member-centric ethos.
Through partnerships with credit unions like MSU Federal Credit Union and other CUNA-affiliated institutions, Goalsetter demonstrates a commitment to supporting credit unions as they navigate the digital age. By incorporating Goalsetter’s tools, credit unions can increase deposits, attract new members, and retain them across generations, all while staying true to their mission of community service.
Connect with Goalsetter to learn more.
Disclosures:
The use of Goalsetter and the Goalsetter Gold app requires a mobile phone with access to the internet. Standard data and messaging charges may apply.
Goalsetter is a fintech and not a bank. Banking services are provided through participating credit unions, members of the NCUA.
Cashola Prepaid Debit Mastercard® is issued by participating credit unions, members of the NCUA, pursuant to a license by Mastercard International Incorporated.
About Goalsetter
Founded by Tanya Van Court in 2016, Goalsetter is an education-first family finance and technology platform offering credit unions a 360° solution for reaching their next generation of members. A former Nickelodeon and Discovery Education executive, Tanya had a long career trajectory in creating digital products, but it wasn't until her 8-year-old daughter asked for an investment account and a bike for her ninth birthday that she realized her true calling. In that moment, she knew if she could get every kid in America to become a saver and investor instead of a consumer, she could change the world. And so, Goalsetter was born.