Helping Account Holders Achieve Financial Goals Faster: How Automated Savings with JoyCompass Drives Engagement and Loyalty
Today’s financial consumers expect more than just a place to store their money—they expect tools that help them take control of their financial future. As credit unions and community banks look to deepen relationships and enhance digital engagement, JoyCompass, our personal finance management solution, provides the tools your account holders need to improve their financial wellness while helping you grow your FI, deepen trust, and enhance digital engagement (directly within your digital banking experience!). The automated savings functionality, specifically, offers a powerful feature that is included within the JoyCompass offering.
Why Automated Savings Matters for Your Institution
Behavioral science has shown that humans are hardwired to prioritize immediate needs over long-term benefits—a tendency that often undermines manual savings efforts. While your account-holders may have every intention to build an emergency fund or save for a vacation, life inevitably gets in the way.
JoyCompass helps you help them prioritize these goals by putting goal-based savings on autopilot. It empowers users to effortlessly set, track, and reach meaningful goals—building positive financial habits while reinforcing the value of your institution in their everyday lives.
For credit unions and community banks, the benefits go far beyond the individual account holder experience. Automated savings drives deeper insights into your account holders’ priorities, increases wallet share, and supports your mission to improve financial wellness in the communities you serve.
Empowering Account Holders with SMART Goal-Driven Tools
JoyCompass is designed to help account holders set savings goals using the well-known SMART framework (Specific, Measurable, Achievable, Relevant, and Timely), providing structure and guidance to ensure goals are realistic and motivating.
Here’s how it works:
- Specific: Account holders choose an exact dollar amount to save.
- Measurable: They can visually track progress toward their target in real time.
- Achievable: Goals are personalized based on monthly contribution ability.
- Relevant: Each goal is tailored to the member’s life priorities.
- Timely: Every goal includes a timeline, anchoring their commitment.
This structured approach transforms vague aspirations into attainable milestones—driving tangible outcomes for your account holdesr and measurable impact for your institution.
The Power of Automation: Financial Wellness Made Frictionless
Once goals are set, automation becomes the game-changer. JoyCompass enables users to schedule automatic deposits to each goal, removing the barriers that often derail manual saving efforts.
Benefits for your institution include:
- Cross-sell opportunities: Uncover your account holders' savings priorities to target product offerings such as car loans or mortgages to those most likely to convert.
- Reduced Attrition Risk: When account holders commit to long-term goals, they’re more likely to stay with your institution.
- Deposit Stability: Automated savings reinforces habitual deposits, contributing to a more stable and predictable deposit base.
By embedding automation into goal-setting, you help account holders develop healthier financial habits—without requiring extra effort or financial literacy training.
The Business Case for Automated Goal-Based Savings
When your institution invests in tools like JoyCompass, you're not just helping account holders save money—you’re:
- Enhancing Digital Engagement: JoyCompass keeps users logging in and interacting with your brand
- Building Brand Loyalty: Personalized, empowering tools foster long-term relationships
- Increasing Non-Interest Revenue: Greater platform engagement opens the door to more product cross-sells
- Promoting Mission-Driven Impact: Supporting financial wellness aligns with the core values of credit unions and community banks
In a competitive banking landscape, solutions like JoyCompass are no longer optional—they’re essential to meet rising expectations and drive long-term account holder value.
Ready to Help Your Account Holders Achieve More?
JoyCompass makes it easy to turn financial goals into realities—for both your account holders and your institution. Start by introducing just one goal-based savings option and encourage account holders to automate small contributions. Over time, you’ll see stronger engagement, healthier financial behavior, and a deeper connection to your brand.
Your account holders are looking for tools that empower them. Let JoyCompass be the reason they choose—and stay with—your institution.