Credit Union Survey
Thank you to everyone who completed the survey that was emailed earlier this month. Check out the survey results. Below are some notable take-aways to help with your 2021 planning:
- Prizes motivate participants to continue to make deposits and keep their account open (79%). Although 977 statewide cash prizes will be given away this year, consider offering a drawing for only your credit union’s members. This ensures that you will have a guaranteed winner each month. The form can be found in the resource center.
- Sales training should address the top two reasons for not opening a Saver’s account: members don’t want another account (32%) and they don’t have the money (18%). Check out the talking points found in the resource center. Accountholders don’t have to make deposits in $25 increments to earn entries. They only need to increase their monthly balance by $25, so they could do 25 deposits of $1 each if they like. This is also a great opportunity to talk about payroll deposit with your members.
- This is a great program to include in your financial wellness initiative since the primary goal of most credit unions Saver’s program is to increase the number of consumers who have available emergency funds (29%) and to help create regular savings habits (46%). The most recent Saver’s Sweepstakes statistical report revealed that there are almost 7,900 accounts with balances totaling over $5.6M with that average account balance of $713. This confirms that this program overall is helping accomplish that goal. Consider how you’re credit union is measuring your program’s goals and what you hope to accomplish for your members in 2021.
Annual ICU Day drawing
We will conduct our grand prize drawing in October to coincide with International Credit Union Day. There’s still time to promote the program to your members or encourage existing members to earn additional entries. Marketing materials can be found in the resource center.
TruLync will conduct the drawings on Monday, October 12, so that credit unions can coordinate the celebration of winners with ICU Day. The October drawing will include, (75) $100 winners, (5) $1,000 quarterly winners and (1) $5,000 winner.
Why do some members win more than once?
We’ve found that it is to be expected that some members regularly deposit the maximum dollar amount for the maximum entries into the monthly drawings. As a result, they have a much higher likelihood of winning. Coupled with the relatively high chance of winning, especially compared to state lotteries and casino gambling, some members end up winning more than others.
Over the past several years, TruLync has done audits to evaluate the program code, architecture and drawings to ensure the integrity of the program. Included in this evaluation was an examination of individuals that have won more than once to determine if any similarities exist. During that process, they concluded that the program is working correctly with no issues.
The process of drawing entries involves two steps through TruLync. First the “drawing entry” records are generated based on the deposit data and the settings configured for the drawing. There is no connection between the “drawing entry” records back to the deposit data at the credit union. The only relationship is that number of entries given to each person is based on month-over-month balance increase during the drawing period. These records permanently remain in the “drawing entry” table in the database so you can audit how many entries each person was given.
The second step involves a crypto-random algorithm to pick winning values from that list. This is performed as many times as the number of prizes configured in the drawing. If the random “drawing entry” chosen is associated with someone who has already won that drawing, it is discarded and a new random “drawing entry” is chosen. The winning entries are stored in the “drawing winner” table where it can be audited to verify that a random “drawing entry” ID was chosen for each winner in every drawing.
Saver’s Sweepstakes was designed to help members become better savers and improve their financial well-being. We are looking for stories from your members that highlight how the program has helped them. If you have a story or a member who particularly benefited from the program, please email your story to me. You don’t have to worry about writing up a polished story – we’ll take care of that; we just need a few essential bullet points.