Bank & Credit Union Case Studies

In the past, the biggest barriers encountered by banks and credit unions looking to participate in financial literacy initiatives centered on the cost, time, and complexity involved to develop and deploy financial education programming. A properly-designed financial education campaign provides ways for banks and credit unions to make a long-term positive difference in their communities while receiving a measurable ROI for their efforts.

The NFEC designs programs that reflect positively on your brand and that align with the National Financial Capability Strategy, which underpins national standards for promoting financial literacy. Best practices demonstrate that programming should include education, awareness, and sustainability components.

Industry Overview

Bank Case Studies

How the Banking Industry Participates in Financial Education

Today, financial institutions spend approximately $17 billion per year marketing consumer financial services. Less than 1% of those funds are invested in financial education: $31 million on direct provision (hosting events, developing materials, presenting, etc) and $129 million on sponsorship, donations and supporting services.

As a nation, we spend about $670 million per year on financial education to meet the growing demand being spurred by regulatory pressures, increased funding and social interest, and growing competition among various corporate and nonprofit stakeholders.

Banks and credit unions share common goals: client acquisition, meeting CRA requirements, lowering acquisition cost, brand enhancement, gaining media exposure, philanthropic goals, and public speaking opportunities are some of those shared goals. It is the NFEC’s objective to contribute to our clients’ bottom line as they contribute to the overall financial wellness of the communities they serve.

Jeanne D’Arc Credit Union

Jeanne D’Arc

Recently Jeanne D’Arc Credit Union called upon the NFEC to help them expand their financial education programming. Jeanne D’Arc wanted to ensure that their outreach team was trained, and also to host a high-profile event at one of the schools they served.

The NFEC sent an instructor to Lowell, MA to lead an in-person Certified Financial Education Instructor course for eight (8) employees. Online continued education was required, and all participants graduated with the necessary scores to earn the CFEI designation.

“We take financial education and our commitment to the community very seriously,” said Mark S. Cochran, President and Chief Executive Officer of Jeanne D’Arc Credit Union. “I am proud of our employees for their dedication to our members. They realize that by enhancing their own financial education, they can improve their ability to help members of the community.”

Next the NFEC teamed up with Brandon Lloyd, All-Pro NFL wide receiver for the New England Patriots, to host a Money XLive Community Outreach program. One of the top program goals was to expand community connections. The NFEC succeeded in lining up Yahoo Sports, Lowell High School, Waterhouse Sports & Entertainment, and the Sports Financial Advisor Association, and coordinated social media promotions with the New England Patriots.

Lloyd helped encourage students to work hard, follow their passions, and continue learning about personal finance topics. These Money XLive events are produced by the NFEC. The goal is to make financial literacy education exciting by enlisting the help of celebrity supporters, sports stars, live entertainment, and personal finance experts.

This event garnered front page coverage in Yahoo Financial News and a full segment in Outside the Game – raising awareness for the program and getting the youth participants excited about financial literacy.

The NFEC commends Jeanne D’Arc Credit Union and all its partners for their efforts in promoting and sustaining financial education programming.