Encouraging Savings/Building Assets
With the present focus on instant lending we often forget that the majority of potential members are desperately wanting help to build a savings nest egg. And whilst a credit union might be a good place to do this there is still many ways of making your savings products more attractive. Since the collapse of Northern Rock bank, many people are looking for alternative places for their savings. The fastest growth area in the financial industry is in ethical investments. Because of the collapse of Farepak, credit unions have an opportunity to promote themselves as a safer alternative to this specific area of the market.
This session will explore how you can increase your membership by understanding the savers market better. We will be exploring how you can:
Assess your existing savings products and promote these more attractively.
Promote an ethical investment product.
Design a saving incentive schemes; linking savings to repayments; impacts of capacity based lending.
Reduce loan exposures by designing a ‘save to borrow’ scheme.
Weigh up the competition - understanding the Savings gateway and future policy initiatives in the pipeline.
Build in a savings component within a bill payment service.
Date: May 8th 2008 Venue: Coventry
Return to 2008 Training Programme or Management and Leadership Programme