The National Credit Union Foundation (the Foundation) is looking for credit unions to submit proposals to work with the Center for Financial Services Innovation (CFSI) to develop financial health-related key performance indicators (KPIs) to measure the financial health and business impacts of their products and services. The deadline for credit unions to submit their applications is April 6.
CFSI is a national authority on consumer financial health. In 2017, the Foundation funded six credit unions to measure the financial health of their members, using CFSI’s financial health segmentation methodology. The Foundation also funded the aggregation of the participating credit unions’ data to develop shareable learnings and takeaways for credit unions. The aggregate data showed that more than half (58 percent) of members in the total credit union sample are struggling financially, highlighting a significant opportunity for credit unions to help their members better spend, save, borrow, and plan.
The Foundation and CFSI mutually seek to build upon this work by using CFSI’s expertise to help credit unions take action by leveraging quantitative data to measure components of financial health and using those metrics to understand the financial health and business impacts of specific products, services, or campaigns.
Funding of $108,000 is available to “seed” up to six credit unions to develop financial health-related KPIs to measure the financial health impact of a specific product, service and/or campaign using quantitative data that the credit unions have in their databases, identify business metrics or KPIs that may be affected by the specific product, service, and/or campaign, test drive KPIs and reporting process, and share measurement and impact learnings with the credit union community.