LAS VEGAS–The National Credit Union Foundation held its FinHealth 19 conference here with a focus on how credit unions can help members improve their financial health.
This year marked the fourth year the meeting was held. Co-organizers included the California & Nevada Credit Union Leagues and BALANCE. The conference was sponsored by PSCU and EverFi.
“Putting members’ financial health at the center of credit unions’ strategy is what the CU FinHealth conference is all about,” said Gigi Hyland, executive director of the Foundation, in a statement. “We talked about measuring, operationalizing and documenting financial health so it benefits members, communities and drives growth for credit unions. Financial health is the future of credit unions’ relevance in the financial services marketplace.”
The meeting also looked at the connections between financial health, physical health, technology and advocacy, with sessions addressing multi-sector solutions to drive financial health, and how credit unions could learn from each other’s financial health efforts, explore strategies for engaging new partners, and leverage technology to further advance financial health, according to the Foundation.
Highlights of the conference also included:
- A national update on financial health trends from a panel of nationally-known experts in the field of financial health gave attendees updates on the newest research, trends, advances and work in financial health nationally. “They discussed how consumers place emphasis on knowing how to do things is far more influential on financial well-being than knowledge of particular financial facts,” the Foundation said.
- Examining the next steps credit unions can take to make financial health a strategic priority by exploring how employees are being trained to think in financial health terms. “The discussion also emphasized how building relationships with members and leading messages with education and help are much more positive approaches than pitching a product, and produce a better return on investment,” the Foundation said.
- A panel that examined how credit unions learn from programs that were implemented but had less-than-ideal results. “This panel looked at how credit unions really understand members’ needs, how credit unions should work to identify what the real problems members are facing, then work with them to find solutions,” the Foundation reported.
- A deep dive into the research into the link between physical and financial health, with a deep dive on recent research in this area and how programs implemented between credit unions and health providers are “treating” patients with both health and financial health issues.
- A look into fintech innovations that affect consumer financial health, including ways to leverage technology to help consumers avoid certain payday lenders, and pay off student loans.