Financial Center Redefines Member Loyalty with Innovative Rewards Program

In an era where member engagement often follows a predictable pattern and there are thousands of financial institutions for consumers to choose from, Financial Center is redefining the member experience with the launch of their Loyalty Rewards program. Designed to elevate the relationship between the Credit Union and its members, this program offers tangible benefits that grow alongside each member’s individual financial journey.

Loyalty Rewards is a strategically created program that recognizes and rewards members for their ongoing engagement with the Credit Union. Members progress through three levels – Base, Growth, and Peak – each offering increasingly valuable perks. From loan discounts to deposit rate increases to waived fees, the benefits are both practical and impactful, reflecting Financial Center’s ongoing commitment to delivering tangible value to its members.

Cam Minges, President and CEO, emphasized the program’s relevance in today’s world, saying “Loyalty Rewards is a way to show our members that we care – especially during challenging economic times – and directly enhance our members’ financial health and well-being. This new program strengthens the relationships we have with our members and positions our Credit Union as a leader in delivering new, exciting, and innovative member experiences.”

Alongside the uniqueness of the program, the rollout approach provided members with the opportunity to have personalized direction on how to grow or retain their level. Across all eight of their central-Indiana branches, the team introduced "Conversation Stations," or activation tables where members could engage directly with a team of financial coaches. Every employee received training on the program, ensuring they could offer individualized guidance in coaching-style conversations for members. Equipped with checklists that were completed and then given to the member, these employees provided branch visitors with specific steps to advance to the next level.

The program’s development was rooted in a deep analysis of member behavior and needs. By leveraging data, Financial Center created a program that aligns with members’ financial goals, while also supporting the organization’s plan for strategic growth.

Billy Wells, SVP of Member Operations, shares, “The creation of Loyalty Rewards was a data-driven journey. We were on a mission to reward positive member behaviors that contribute to their financial growth and well-being. At the end, we created a program that both rewards members and advocates for deeper, more strategic engagement with the Credit Union.”

Personalization is at the forefront of Loyalty Rewards. In addition to the in-branch “Conversation Stations” and coaching sessions, members received customized emails that detailed their current level and provided actionable steps on how to achieve the next level.

Olivia Garman, VP of Internal Operations, who’s team led the Loyalty Rewards project, reflected on the end product and journey to get there, saying “We drew inspiration from leading loyalty programs across various industries – including coffee shops and restaurants – and worked to create something that resonates with our members on a personal level. The result is a program that is both easy-to-understand and exciting, offering value that members can feel in their everyday lives.”

The response has been overwhelmingly positive. Within the first week of the rollout, over 900 personalized coaching conversations were conducted, far exceeding goals and expectations. One long-time member even remarked that he had never felt so appreciated in his 43 years with Financial Center.

To mark the launch of Loyalty Rewards, Financial Center hosted a celebratory event at its headquarters, complete with a branded orange carpet lined with financial cheerleaders, coaching stations, snacks, and music. This event put the Credit Union’s vibrant culture on display and reinforced their commitment to making banking an elevated experience.

Loyalty Rewards is a strong example of Financial Center’s commitment to innovation in the credit union industry. By blending strategic data insights with a personal touch, the organization is enhancing member engagement and creating lifelong loyalty from its members.