How Credit Unions Can Win Families and Grow Revenue

In today's rapidly evolving financial landscape, credit unions face the challenge of engaging younger generations while providing value to their existing members. Meanwhile, Millennial parents are actively seeking tools that help them teach their children about financial literacy and money management in practical ways. Boucoup offers a comprehensive solution tailored to meet these needs.

Introducing Boucoup: Your Family Banking Platform

Boucoup is a white-label family banking app designed specifically for credit unions and banks. It enables institutions to connect with the next generation under their own brand, ensuring that the relationship with young members is built directly with the credit union. Additionally, it solves a key pain point for parents by making money management easier, increasing engagement and loyalty not just from the child but from the entire family – ultimately expanding the credit union's share of the family wallet.

Key Features and Benefits

• Chore Management and Allowances: Parents can assign chores and automate allowance payments, teaching children the value of earning.
  
  
• Financial Literacy Tools: Boucoup uses short and concise videos called Money Shorts to engage Gen Z and Gen Alpha. These videos are designed in a TikTok and Instagram story-like format, making financial education accessible and appealing to younger generations.
  
  
• Learning by Doing: Gen Z and Gen Alpha don’t simply absorb knowledge by reading an article—they engage best through hands-on experiences. Boucoup provides interactive tools that immerse them in financial concepts. For example, our 'Loan From a Parent' feature allows parents to set up real loans with their kids, where children make monthly payments, learn about loan terms, interest, and even late fees. This practical approach ensures they grasp essential financial principles through real-world application.
  
  
• Savings Goals: Tools to set and track savings objectives, promoting disciplined financial habits.
  
  

These features not only empower young members but also position credit unions as proactive facilitators of financial education.

‍Seamless Integration and Branding

‍Boucoup integrates directly with a credit union's existing core banking system, ensuring that all member data remains within the institution. The platform is fully customizable, allowing credit unions to incorporate their branding, messaging, and financial literacy content, thereby strengthening brand loyalty among young members. Driving Revenue and Member GrowthEngaging younger members through Boucoup can lead to significant financial benefits:

• Super-Powered Marketing to Parents: Boucoup recognizes key milestones in a child’s life and delivers targeted offers to parents. For example, when a child turns 15, parents receive an auto loan offer to help prepare for their child’s first car. This proactive approach strengthens member engagement and boosts revenue for the credit union.

• Increased Interchange Revenue: Teens typically spend between $35 and $60 per week on various items. Onboarding 10,000 teens can result in approximately $20 million in card swipes, generating valuable interchange revenue.

• Growth in Deposits: If 10,000 teens save $300 annually, that's an additional $3 million in net new deposits for the credit union.
  
  

A Partnership for the Future

‍Boucoup is developed by BankingON, an Austin-based CUSO specializing in digital banking solutions. Their commitment to empowering credit unions is evident in their innovative approach to family banking. By partnering with Boucoup, credit unions can enhance their offerings, attract younger members, and reinforce their role as community-focused financial institutions. 

Incorporating Boucoup into your credit union's suite of services is more than a technological upgrade; it's an investment in the financial futures of your members and the sustained growth of your institution. By fostering financial literacy from a young age, credit unions can build lasting relationships with members and contribute to the overall economic health of their communities.For more information or to schedule a demo, please visit https://www.boucoup.com/learn-more.