Credit Unions Behavioral Economics

Its Important to KFCU. Will It Be Important to You as Well?

We held our inaugural Understanding Behavioral Economics (BE) workshop for credit unions, in partnership with Callahan and Associates (read more here), a few months ago and one CU executive found it so valuable that he invited us to hold a workshop exclusively for his employees.

Last week, we traveled to Mississippi and spent a day with George Mitchell, Executive Vice President & Chief Operating Officer at Keesler Federal Credit Union (KFCU), and his highly motivated and dedicated team.  Departments represented were across the CU, including marketing, training, IT, and operations. KFCU is working on several major initiatives to transform the credit union and George knew connecting his staff to BE tips, tools and techniques is what they need to become thoughtful choice architects.

Other than the unexpected fire alarm (not a drill!), the time was well-spent and very productive.  Those with member experience responsibilities, such as contact center or marketing, saw real value in rethinking the way they communicate, as well as structure and price products and services.

 

 

 

The training teams also saw connections to their work, discussing ways to reframe conversations with employees to improve take-up rates of their courses and reshaping their curriculum to make it more effective.  Over and over again, we heard how much KFCU was looking forward to putting this knowledge to work.

 

 

 

We are proud of George for broadening his innovative and strategic initiatives by bringing us to Mississippi. It was important that we equip his staff with practical and actionable BE tools.  We are excited for KFCU’s team, who now have a better understanding of the factors that influence decisions so they can make a difference that is important to their members, which is important to the credit union.

Will you be next?

 

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