VACAVILLE, Calif.— Travis Credit Union has begaun offering digital money management tools to its 189,000 members. The MYINSIGHT solution, powered by MX, allows members to see all of their accounts in one place, visualize budgets, track spending, set goals and prioritize the pay down of debts.
The credit union reported that within six weeks of launch it had a 93% adoption rate, with more than 700,000 member visits to its spending widget — revealing spending across various categories such as home, food and entertainment — and the aggregation of over 8,000 external accounts.
Members have begun looking at their financial picture across all institutions — checking and savings accounts, credit cards, auto loans and mortgages — with Travis serving as the hub. Active users averaged 16.3 sessions across the first six weeks of implementation, the credit union said.
“We wanted to provide an engaging tool that allows members to take control of their finances and simplify their lives,” said Navneet Khanna, executive vice president of Travis Credit Union. “We’re delighted that our members are not just trying out MYINSIGHT but gaining insights that help improve their financial lives.”
Travis CU said the success of MYINSIGHT was made possible by digital, social and in-branch messaging which was initiated before launch and sustained after. Visitors to the Travis CU website were asked if they ever wondered how much they spent on shopping or groceries. Ads highlighting money management widgets — such as spending and debts — appeared with a call to action button encouraging members to enroll in online banking so they could take advantage of these features. In-branch signage, promotional items and training videos loaded on branch iPads also increased awareness around MYINSIGHT, the credit union said.