This article is the eighth installment in a monthly series of interviews designed to provide REAL Solutions® League Liaisons and other league staff up-to-date strategies used by their peers to grow their REAL Solutions® efforts. This interview describes the efforts of the Michigan Credit Union League to enable several credit unions to join forces in order to offer a prize-linked savings product with a headline-grabbing grand prize, and to share in the costs of product development, marketing, legal, and ongoing administration. Please learn more from this interview with Stacy Dugan, CRI Coordinator for the Michigan Credit Union League, and Executive Director of the Michigan Credit Union Foundation.
“Save to Win is extremely timely in this difficult economy where people need more incentives to save. Prize-linked savings helps redirect behavior by doing, as the New York Times said, ‘giving people what they need while also giving them what they want.’ People want to win. They don’t always want to save. So, Save to Win is a strong brand, supported by technology and program management from CU Village and supported by prize funding and promotional resources from CUcorp. Together with the Filene Research Institute and Doorways to Dreams, MCUL & Affiliates hopes to turn a great idea into great results for credit unions. More important, those results will help people save, especially those of modest means, in ways that are badly needed by our economy right now.”-David Adams
President and CEOMichigan Credit Union League/CUcorp