ESL Federal Credit Union announced that is has been chosen to take part in the Center for Financial Solutions Innovation’s 2019 Financial Health Leader Program.
According to CFSI, leaders in this program are selected “based on their efforts to measure the financial health of their individual or small business customers, employees, and/or clients.” As part of the program, ESL must meet annual Leader requirements, which adjust year-to-year based on the latest advances in financial health innovation.
“Being selected to the 2019 Financial Health Leaders Program demonstrates ESL’s commitment to improving the financial health of our members,” said Malik Evans, financial wellness manager, ESL Federal Credit Union. “Improving financial health begins with benchmarking. By understanding the current state of our memberbase, we can properly design products, services, programs, tools, and other resources that can contribute to improving financial health over time.”
Back in 2018 as part of the Financial Health Leaders Program, ESL dedicated its resources to measuring how its Personal Banking members spend, save, and borrow — three of the four Indicators of Financial Health identified by CFSI and a vital starting point for committing to improvement.
In the 2019 program, ESL commits to measuring how members plan for their futures, the fourth Indicator of Financial Health, and measuring business checking and savings account management among its more than 9,000 business banking members.
ESL will use the analyzed data across the spend, save, borrow and plan indicators to serve as benchmarks to understand its members’ needs when it comes to financial health. The identified trends will allow the company to develop products and resources that can provide assistance and guidance for members.