Financial well-being elevates SEG relationships
Brett Nielsen goes the "extra mile" to foster financial well-being within Educators Credit Union's select-employee groups.
In the past, credit unions could expect to enroll workers from select employee groups (SEGs), provide better rates on loans and deposits, and offer “share draft” accounts. The relationship was straightforward, with the emphasis on credit and the members’ common bond.
Today, the proposition is much more nuanced as consumers employees have more choices than ever in financial service providers.
Educators Credit Union in Racine, Wis., is digging deeper into its SEG relationships to meet those challenges. Educators offers personal financial wellness counseling and education to its SEG employees.
“Research shows that a healthy employee will be more productive at work,” says Brett Nielsen, business relationship director at the $3 billion asset credit union. “We align financial wellness and education with health and physical well-being. If a member is behind on their credit card payment or is worried about how they’ll make their next mortgage payment, that’s a real source of stress. It affects their performance and, ultimately, the company’s performance.”
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