COK Sodality Credit Union has embarked on a programme aimed at giving its members maximum benefits from their savings.

“It is an intimate relationship that we are trying to develop with our members and to assist them,” COK Sodality CEO Jacqueline Mighty said of the programme named ‘Built Around You’.

Under the programme, COK members are being encouraged to sign up for any three new savings plans which would result in them receiving either a reduced rate on their next loan or an increased rate on one of their savings instruments.

A promotional flyer of the programme said it will help savers develop a financial plan designed specifically for them based on their age, income, and personal goals.

“The flyer has some information that we capture at the back, and based on what is captured here, we are now able to identify for those members what are the things that they need,” Mighty told the Jamaica Observer on Monday.

“What we have identified is that, for our membership, we need to assist them to be able to improve their lives by not just selling them a product, but by helping them to assess where they are in their life, what are their plans for the future and, based on the products and services that we offer, how we can use that to help them to get to where they want to go,” Mighty explained.

“It is an intimate relationship that we are trying to develop with our members and to assist them,” she added, pointing out that the name of the programme reflects its format and goal.

Mighty and her team at COK expect that the programme will build the credit union’s loyalty base and increase its membership which now stands at over 260,000 worldwide.

They also intend for the programme to contribute to the credit union’s goal of attracting over $300 million in savings this year, as well as the reactivation of at least 5,000 members.

“What we will do is, if you have a dormant account and you reactivate it and begin to save, we will count that as one of your three savings plans under the programme,” said Sales and Marketing Manager Emma Thomas.

“It’s early days yet. What we can say is that people have begun to be a part of the programme. We have actually signed people up for savings plans and in fact find it a good approach to building a balanced financial plan,” Thomas added.

The Built Around You programme, Mighty explained, had its genesis in the realisation that a large number of COK’s members were not taking up many of the credit union’s service offerings.

“The basket of offerings is excellent, and I don’t think that our members recognise that so many of the things that we have can do so much good for them,” said Mighty.

She gave as examples the fact that COK loans up to $800,000 are insured at no extra cost to the members; savings are insured up to a particular amount; plus, members can secure loans for “almost anything”.

“So when you look at what credit unions do, they are really about protecting the members and their families, because if anything should happen to the member, the family can benefit,” Mighty said.

“We are saying, when you look at your portfolio… if you should pass tomorrow, apart from what you have, is there anywhere that you can get supplemental income? And we are saying, in the credit union movement that is a brilliant option that we have at no extra cost to you, based on the products that we provide for our members. So there is a lot of value in being a credit union member,” Mighty added.