CloseEnuff?: A Case Study in Credit Union Innovation

In an era of rising costs and growing complexity in budgets, credit unions are uniquely positioned to lead change and create substantial impacts in the lives of their members. At Community Financial Credit Union (CFCU), we've taken this mandate to heart with the launch of our CloseEnuff? cashflow boosting checking account—a prime example of human-centered product design tailored to meet the evolving needs of today’s consumers.

The Genesis of CloseEnuff?

Our journey began with a clear objective: to improve our members' liquidity. Traditional banking often hinges on fees that, while seemingly small, accumulate to significant amounts, burdening our most vulnerable members unnecessarily. With CloseEnuff?, we aimed to disrupt this norm by crafting a checking account that not only reduces fees but also actively enhances members' cash flow through incentives and thoughtful features.

Impact and Outcomes

CloseEnuff? has been designed to combat the typical frustrations associated with traditional banking:

• Fee Reduction: CFCU members are projected to save approximately $1.2 million this year alone by avoiding common banking fees such as overdraft charges and ATM fees.
• Bonus Incentives: We introduced a tiered bonus system where members can earn up to $1,000 by setting up and maintaining regular direct deposits. This not only boosts their cash flow but also fosters deeper engagement with the credit union.
• Innovative Features: From no minimum balance requirements to the inclusion of services like Early Pay and Buy Now, Pay Later, CloseEnuff? is tailored to provide flexibility and support for a variety of financial situations.

Strategic Considerations for Credit Union Leaders

The introduction of CloseEnuff? serves as a model for other credit unions considering similar redesigns of their overdraft programs. Here are some strategic considerations:

1. Member-Centric Product Design: Products should solve real problems for members. In our case, reducing dependency on fee-based revenue and enhancing the financial liquidity of members were key drivers to our product design.
2. Engagement and Loyalty: Innovative products like CloseEnuff? can increase member engagement and loyalty, essential metrics for long-term growth and stability. Simply put, this work takes courage.
3. Market Differentiation: Offering unique products that align with the values and needs of your members can set your institution apart in a competitive and commoditized market.

Looking Forward

As we continue to refine and expand CloseEnuff?, our focus remains on leveraging technology and feedback to enhance its features. The positive reception from our members encourages us to keep pushing the boundaries of what a checking account can offer. We view today's iteration as simply version one, and look forward to creating further value in our members who put their trust and dollars in CFCU.

I invite my peers and fellow leaders in the financial sector to reflect on how they can incorporate empathy into product development. Are there opportunities within your organization to reimagine outdated programs or services? How can we as a community further innovate to support the financial wellbeing of our members?

To learn more about CloseEnuff?, visit CloseEnuff? at Community Financial Credit Union.