Youth banking provider to enhance offerings for credit union members
Incent announced today Provo-based Utah Community Credit Union (UCCU) has selected its Family Banking platform. UCCU has 23 branches throughout Utah, more than 260,000 members and assets of $3.5 billion. Its headquarters is nestled between two large universities: Utah Valley University and Brigham Young University.
Market research from America’s Credit Union has shown that the average age of a credit union member is 53, and UCCU has an average member age of 32 years old, hence the impetus to offer a true family banking platform.
Kevin Banks, VP of Marketing at UCCU, said, “UCCU has one of the youngest banking demographics in the nation, and we have a lot of young families. We needed to serve our families better now and into the future. The partnership with Incent is a perfect fit. We are thrilled to offer a banking experience, designed specifically with the youth in mind, to help foster responsible money management habits, financial literacy, and make it easier for parents to manage their children’s banking needs.”
Incent’s platform helps financial institutions (FIs) better attract and engage their customers or members by offering a secure, real-world digital banking experience for children and teens. The white-labeled solution enables FIs to build brand awareness, maintain ownership of the account holder relationship and seamlessly transition the child to an “adult” account when they turn 18. The platform also ensures deposits and interchange revenue remain within the client institution rather than being diverted to third-party fintech sponsor banks.
Banks continued, “Being located in Silicon Slopes, Utah’s version of Silicon Valley, our tech-savvy membership demands innovative solutions. We needed a solution that could engage children and their families, and after our research, Incent’s platform stood out above the rest to help us accomplish our goals.”
Marcell King, president and COO of Incent, said, “UCCU is unique in its membership demographics serving so many younger members. Incent’s Family Banking platform gives financial institutions a more competitive avenue to earn deposits and grow accounts while differentiating the credit union. We look forward to partnering with UCCU and encouraging responsible financial habits early on in life.”