52-Week Saving Challenge
Product Development - NEW CATEGORY FOR 2017 > Product Development - $1 Billion and Greater
GTE Financial is a certified Community Development Financial Institution (CDFI) with the majority of our centers located in low-income areas. For this group where many are living paycheck to paycheck, saving money is especially difficult. But what if a struggling person is asked to save $1 just this week? $2 next week? This concept is much simpler.
GTE Financial created the 52-Week Saving Challenge to show our members that saving money is possible through small, incremental saving each week. This program encourages members to save one extra dollar each week through their Online Banking, adding up to $1,378 by the end of the year.
Our team targeted all of our members with a checking or savings account. GTE Financial’s membership is predominately low-income, and living in low-income areas. This program is especially relevant to this demographic, who may struggle to save.
In addition to encouraging savings, this program also drives our members to our Online Banking platform, further promoting virtual use at our credit union, and encouraging our members to frequently check their Online Banking, preventing account overdrafts from oversight.