As pioneers in the development and spread of online banking, credit unions continue to improve online services. One way credit unions are revolutionizing and expanding their suites of online offerings is through the addition of online financial management (OFM) tools.
Software providers and credit unions unite for the OFM revolution
The Online Financial Management Tools credit unions are offering, often for free or at very low-cost provide their members the utmost in convenient, modern-day money management. These tools offer a full, comprehensive financial picture in addition to real-time account access, data, and history while putting members in control of their budgeting and bill paying?all in one place and even on the go.
There are several software services providers helping to empower credit unions and their members with online financial management tools, including leaders like Intuit, the creator of Quicken, QuickBooks and TurboTax, as well as Geezeo, an exclusive online financial management solutions provider. "In addition to providing Personal Financial Management tools, Geezeo also includes marketing tools included in the solution", says Bryan Clagett, Geezeo CMO. "Through the engagement banking platform, credit unions can display product offers that are unique to member needs."
Online financial management tools offer more than convenience
GCS Federal Credit Union (Granite City, IL) works with Geezeo to bring members their newest financial management tool, Total Money Manager (TMM). According to Lauren Smith, Assistant Marketing Manager, the credit union has offered online banking and BillPay for several years before a recent upgrade to their online suite, which included TMM. ?GCS wanted to make banking simple for our members and TMM allows that,? says Smith.
Total Money Manager allows members to import all of their accounts, whether it be with outside financial institutions or not, into one tool. At GCS CU, they feel convenience is important in this fast-paced world, and their members agree. Many take advantage of TMM and the credit union has seen a steady increase in users since the launch.
Online banking and financial management tools have helped GCS remain a competitive financial option. ?This free service to our members allows them to simplify their banking and keep track of finances on the go -- finances can be one less thing to worry about with our simple online tool,? contends Smith.
Likewise, Unitus Community Credit Union (Portland, OR) offers an online personal financial management tool called Total Finance. The product was launched to members in September 2010 at a minimal charge of $2/month after a 30-day free trial. ?We decided to offer the program after hearing from our members that they were looking for a tool like that and preferred to have one through their credit union rather than something outside their ?banking? relationship,? explains Laurie Kresl, VP Planning & Business Development. The credit union also decided to offer it because they believe that for those who take the time to set it up, it truly helps them to better manage their finances, see and be more aware of where they are spending their money, and set and achieve financial goals. ?In the long run, to us, that meant we were helping our members get to a better place financially, which is our mission,? adds Kresl.
Features and benefits of Unitus? Total Finance include:
- Mobile and email alerts
- Budgeting ? monthly progress meters, alerts
- A cash flow calendar
- Set and track goals ? with graphs to help you track progress visually and you can add pictures of your goal
- Tag transactions ? to ?intelligently? tag transactions based on your initial set up of tags
- Dashboard Views
- Net worth ? graphical overview of your asset and debt breakdown, ability to add custom asset and debt items ? aggregate outside accounts into the system
With 1,300 members who are active Total Finance users, the credit union gets great feedback on the program including why they love it and what they would like to see changed. Members have expressed that by being able to see what they have coming in and going out and being able to categorize so they can assess how much of their expenditures are discretionary versus non-discretionary, they are able to make better choices about how they spend, save or borrow. ?Total Finance positions us in the role that we hope our members view us ? as a partner in their financial life,? says Kresl.
A Unitus member and Total Finance user herself, Kresl says that this tool is near and dear to her heart. As someone who likes to track her finances closely, and in the past, tried doing so with an Excel spreadsheet, she feels Total Finance allows her to put a little work in at the front end and then it does the rest. ?It truly makes me think before spending so that I?m making smarter choices and I believe it does that for our active users as well?It couldn?t be easier!?
SCE Federal Credit Union (El Monte, CA) provides a similar service with their personal financial manager, Snapshot. A very early adopter of online banking, in 1996 SCE was one of the first credit unions offering the new channel. Since then, the credit union has launched several new offerings including Snapshot. According to George Poitou, Chief Operating Officer, in addition to online banking, mobile banking and remote deposit, Snapshot allows members to utilize online financial management tools to their fullest. Benefits include:
- A single sign-on
- Customizable alerts
- Financial goal setting and monitoring
- Budgeting and net worth calculations
- The ability to aggregate all of the members? other financial relationships to present a holistic view of their financial world
Additionally, the service protects members? data from other companies that offer a similar service and then sell the information to credit card companies or other financial industries.
Of SCE?s nearly 45,500 members, more than 2,000 are actively using the personal financial manager tool and with extremely positive reviews, even associating words like ?love? to the product. ?SCE wants to fit seamlessly into our members? lives, regardless of where they live or work, or whether they prefer a physical branch or online banking ? OFM tools allow us to be convenient, reliable and secure ? 24 hours a day, 7 days a week, no matter where our members are,? says Poitou.
Switch to a credit union
Is your financial institution truly helping you reach your goals and making your life easier with forward-thinking online banking and financial management tools? If you answered ?no,? then it may be time to make a switch. Find a credit union in your area and join today!
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