Credit Unions Address Members’ Financial Concerns with Engaging Videos
April 21, 2020
The COVID-19 crisis has resulted in a weakened economy, impacting millions of American families. Many are looking to their credit unions for guidance and support. In addition to offering special services to those facing financial hardship, several Northwest credit unions are complementing their existing financial education programs with engaging and informative videos.
First Tech Federal Credit Union has been hard at work creating new videos to help educate members about personal finance during this time of uncertainty. One of First Tech’s newest videos in its Financial Fundamentals series, titled “Managing Your Finances During Times of Crisis,” covers unexpected financial difficulties and extended strains to an individual’s income stream.
“These are extremely uncertain times, and the need for information, support, and guidance is greater than ever. Helping our members navigate these troubling times is our highest priority,” said Steve Owen, Chief Retail and Marketing Officer at First Tech.
These new videos add even more depth to the credit union’s already extensive library of online resources for members and include educational tools for budgeting and saving, fraud and security, loans and debt.
“Our online financial literacy series has been dedicated to bringing a broad range of information to our members to support them in making their financial goals a reality,” Owen said. “Our entire organization is dedicated to helping our members make the best financial decisions for where they are today as well as where they want to be in the future.”
This year, Canopy Credit Union, based in Spokane, began producing an ongoing video series called “20 Things in 2020” that featured 20 tips on how to improve financial health throughout the year. But as the coronavirus pandemic began to unfold, Canopy realized it needed to pivot the focus of its videos to be more relevant to what members are experiencing now.
Canopy’s two most recent videos are titled “How to Manage Your Money During COVID-19” and “How to Use Your Stimulus Check.” Viewership on Canopy’s YouTube channel has increased significantly, jumping from an average of 75 views per video to almost 700 on the most recent one.
“What this really has taught us is that we are interacting with financial side of pandemic on daily basis,” said Jon Maroni, Business Development and Education Officer for Canopy, “but our members, apart from their personal finances, don’t have the space and bandwidth to be thinking about that, and they look to us for the information in that area.”
Maroni said he hopes other small credit unions will jump into the video marketing space, even with their budget limitations.
“It took an affordable amount of investment on our part to get up and running with our videos, and they’ve been a key element of our financial education efforts.”
Check out Canopy Credit Union’s video below, “How to Use Your Stimulus Check.”
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