Debbie Selected by Chartway, Rize, and Royal CU to Help Grow Their Membership

debbie

Leveraging Rewards to Help Young Americans Achieve Financial Health
Chartway CU, Rize CU, and Royal CU, all credit unions focused on improving the financial success of their members, chose to partner with Debbie through Filene’s lab. Filene is a leading credit union think tank, which specializes in innovation and research to help credit unions compete in the financial marketplace.

Debbie has created a platform that helps financial institutions grow and engage their members by rewarding their community for positive financial behavior. Users can access Debbie for free by joining a financial institution in Debbie’s Partner Financial Network and earn rewards for saving, paying off debt, and making on-time payments. The app uses behavioral psychology and positive reinforcement to help people improve their finances sustainably, rather than offering a quick fix to financial hardship.

“Helping Chartway members manage their money is a top priority. The pilot program with Debbie through Filene’s lab is a great way for Chartway to test money management gamification with Millennials and Gen Z and encourage smart savings habits with this younger segment.”
-Rob Keatts, Executive Vice President & Chief Strategy Officer of Chartway CU

“Royal Credit Union is excited to participate in the Debbie pilot with Filene’s Lab to drive future innovation within the credit union movement. Royal is committed to helping its members improve their financial well-being and achieve their goals”
-Colin Boone, Royal Credit Union Vice President- Digital Experience

Financial wellness is at a record low
According to the Federal Reserve, credit card debt is now at a record high of over $1.3 trillion, with the personal savings rate at a record low. In addition, per the CFPB (Consumer Financial Protection Bureau), Buy Now Pay Later debt ballooned over 1,000% over the pandemic. All of this is driven by a combination of an overheated market, inflation, and new and easy ways to spend money. Financial institutions have seen this problem impact their Members, leading to lower savings rates, deposits and overall financial health. Debbie found that more than 50% of borrowers rebound back to credit card debt within 12 months of using traditional debt payoff products like balance transfer and debt consolidation. That’s why Debbie built a behavior change rewards program that offers long-term strategies to help Members stay motivated and engaged during and beyond their debt payoff journey.
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Debbie has been able to help its users save over $5 million, see a 35% reduction in delinquencies, and refinance millions in credit card debt.

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