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Report #602 |

Pocketnest: Financial Wellness as an Engagement Strategy

The Lab at Filene 2023 Test Results

In times of financial uncertainty, credit unions must provide members with the necessary tools to achieve financial wellness in order to remain relevant and cultivate loyal, long-lasting, and productive relationships with both current and prospective members. Filene partnered with Pocketnest to test their financial wellness app as a solution for credit unions to offer more ways to engage with their members while helping them save more and become more financially sound.

Executive Summary

In an economic landscape characterized by escalating living costs and static wages, coupled with the scarcity of health insurance and insufficient retirement planning resources, the pursuit and preservation of financial well-being pose significant challenges, even for individuals’ adept at managing their finances, even for the most fiscally skilled. As consumers navigate financial challenges, they expect support from their primary financial institution (PFI), yet often experience a notable shortfall in assistance. This gap presents a unique opportunity for credit unions to step in as crucial partners, offering the necessary tools and support to guide their members toward sustained financial health and sustainability. 

Pocketnest is a white-label financial wellness app that walks members through ten themes of financial planning, while identifying potential cross-sell opportunities for credit union partners. Built on behavioral science and psychology, Pocketnest delivers actionable, personalized guidance, enabling members to keep their financial plans healthy and current with just three minutes of engagement each week. 

Over a three-month period, Filene engaged members and staff at five geographically diverse credit unions of various asset sizes throughout the U.S. to understand the desirability, feasibility, and viability for credit unions to use Pocketnest to help their members save more and become more financially sound. This test was implemented to examine how Pocketnest can help credit unions expand member relationships while also providing an effective solution to positively impact the institution's financial performance. 

Credit Union Implications

Consumers today have an urgent need for tailored financial guidance and are looking to their PFI to support them on their journey. Offering an easy-to-use and personalized financial wellness experience could create opportunities for credit unions to help improve the lives of their members but also deepen relationships and share of wallet. 

Pocketnest, or similar solutions, could be offered to members in a variety of ways while potentially having a positive impact on the credit union's financial performance. Based on credit union feedback from the test, Pocketnest can:

  • Be a pro-active educational tool for members to manage their finances.
  • Demonstrate a credit union's commitment to their members' success by actively investing in value added services.
  • Fill the gap between Millennial and Gen Z expectations and the reality of services provided, positioning credit unions as potential leaders in financial wellness. 

Download the results of the Pocketnest test to learn more about how solutions like Pocketnest can help credit unions engage with their members while helping improve their financial lives and improve financial performance through deepening relationships. 

Filene thanks Pocketnest for making this research possible.

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