Innovative leaders from across the company looked at the value, or lack thereof, our Members were getting from our old rewards system. More than 85% of Members who were surveyed weren’t even sure Centra had a rewards program. Our rewards program lacked a WOW factor.
Over 18 months, Centra’s brainstormed, researched, and tested ideas to WOW our Members. We focused on what our Members wanted and needed, and that was something simple and flexible. Something that rewarded them for helping our Credit Union succeed.
While Centra’s finance team panicked in the background, the team added more and more ideas for rewarding our Members in a way we knew they’d value – in cash. Finally, we paired the cash we wanted to give Members with the savings and earnings they could give the Credit Union by using tools like eStatements, direct deposit, and debit cards.
As a final test, we asked Members to volunteer to try out the new Member Loyalty Rewards program. They used their new accounts and features for a couple months and reported back to us on what they thought. Based on what our Members were telling us, the project was a success.
We found a balance and a way to show our Members how a credit union works. Each person who banks with Centra is a Member. Each Member can contribute to Centra’s success, and each Member can get rewarded for their contribution. Credit Unions are cooperatives. We’re about “People Helping People.” That’s how we work.
After a year and a half of exploring new ideas and breaking the mold on banking rewards, we stuck with our roots. That’s giving back to our Members for what they do for us. That’s the credit union difference. That’s what makes Centra Centered Around You.