2018 Applicant: Jorge Ortiz
Jorge Ortiz is a 24-year-old Business Developer Manager at North Side Community Federal Credit Union ($9M) in Chicago, Illinois, United States.
Project Title
Rewards Program
Short Pitch
Give rewards by incentivizing financial literacy.
Synopsis
Description:
The rewards program is a product that will encourage people to reach different kinds of milestones by receiving an incentive offered by the credit union (per milestone achieved). At the same time, it will provide financial literacy to all the users. Important note: the credit unions will have fully control of the platform (users, progress, goals, conversations, and more).
Problem:
Nearly two-thirds of American couldn’t pass a basic financial literacy test according to a study called National Capability Study by FINRA Foundation.
Solution:
Different studies have shown that incentives work as a way to encourage people to achieve a particular goal, only if they believe in it. Incentives work if they are personal, follow a strategy, and have a common goal for both participants.
The rewards program will create simple tasks that will specifically target financial underserved people. The tasks can be as simple as meeting with a credit counselor advisor, increasing deposits on a savings account, staying on budget, improving the credit score and more. As a reward, the members will get a small dollar loan, lower rates of the loans, match deposits on their savings accounts, or receive an increase on monthly dividends. Important note: goals and milestones can be adjusted by credit union preferences.
The rewards program is designed in a way that will encourage the participants to develop financial habits that will increase their assets and increase exponentially financial literacy.
Focus:
Increase financial knowledge by rewarding our participants with incentives.
