Incent Launches CUSO with Pioneer FCU

Tracey Miller

Incent, a leading provider of youth digital banking solutions for banks and credit unions, launched today a Credit Union Service Organization (CUSO) to reinforce its mission to partner and collaborate with financial institutions to build the best-in-class youth engagement tools.
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Mountain Home, Idaho-based Pioneer Federal Credit Union (Pioneer, $712 million in assets, 49,000 members) invested to support the CUSO and drive the product roadmap. Through the Incent CUSO, Pioneer and other credit union investors will have a definitive voice in guiding and building a leading youth banking solution that educates, engages and fosters long-lasting relationships with younger consumers.

“Credit unions are uniquely positioned in their communities to provide services and guidance to our members, no matter their age. However, we need digital tools to meet consumer’s evolving technology needs to build those relationships early in their financial journey,” stated Tracey Miller, EVP / VP of Operations at Pioneer. “Pioneer is proud to support the Incent CUSO and its mission of building tools that attract the next generation of members.”

As credit union members continue to age, attracting new, younger members is a growing priority. According to a recent study by CUNA, only 7% of credit union members fall within the 18-24 age range, compared to 18% of the total U.S. population. Incent’s fully integrated, white-labeled solution helps credit unions grow their share of wallet by maintaining ownership of the relationship and seamlessly transitioning the child to an “adult” account when the child turns 18. Additionally, the platform keeps deposits and interchange revenue within the credit union rather than diverting them to third-party fintech sponsor banks.

“Beyond delivering solutions that engage the families and drive financial wellness, Incent’s priority is to empower financial institutions to strengthen relationships with the next generation of account holders,” said Marcell King, President and COO of Incent. “Creating a CUSO reinforces Incent’s commitment to partnering with progressive credit unions who want to redefine the future of banking, offering the ability for credit unions to provide their insight and knowledge to guide our services. With Pioneer’s support, we can continue to develop solutions that provide a safe, educational, real-world banking experience for families across the country.”

Miller added, “A banking platform specifically designed for children and teens presents an opportunity to engage and educate younger members while building lifelong relationships and brand loyalty. Incent’s platform offers inventive and fun ways to encourage saving, giving and fostering positive money management skills, while offering financial literacy tools to build a solid financial foundation for the future.”

The investment by Pioneer and the CUSO framework enhances Incent’s ability to evolve and expand the platform to meet the needs of financial institutions and families nationwide.

To learn more about joining the CUSO, visit http://www.incent.net.

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