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Wings Credit Union is a member-owned financial cooperative that provides a range of benefits to its members. Members can take advantage of low loan rates, which can help save them money on large purchases.
One of the most significant benefits of membership is the low loan rates. Members can borrow money at competitive rates, making it easier to purchase a car or finance a home renovation.
The credit union also offers low fees, which can help members save even more money. Members can avoid overdraft fees and other charges that can add up quickly.
By being a member-owned financial cooperative, Wings Credit Union can offer benefits that traditional banks can't match. This unique structure allows the credit union to focus on the needs of its members, rather than shareholders.
Benefits of Wings Credit Union
Wings Credit Union offers a range of benefits that make it an attractive option for its members.
One of the key benefits is the higher interest rates they offer on their savings accounts, with rates up to 2.50% APY, making it a great way to earn extra money on your savings.
Wings Credit Union has a strong commitment to community development, with over $1 million in loans and grants awarded to local businesses and individuals in 2020.
Their credit cards offer competitive rates and rewards programs, with some cards offering 1% cash back on all purchases.
Wings Credit Union has a robust online banking system, allowing members to easily manage their accounts, pay bills, and transfer funds from anywhere.
Their mobile app is also highly rated, with a 4.5-star rating in the app store, making it easy to stay on top of your finances on the go.
By joining Wings Credit Union, members can also take advantage of their financial education resources, including budgeting tools and financial counseling.
Operational Efficiency
Relieving Limited Staff Bandwidth was a top priority for Wings Financial, and they found a solution in Kaleidoscope.
The partnership lifted the burden of costs and staff time, freeing up a lot of staff time and making the most sense to provide the best possible experience for their members.
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Significant time savings and reduced staff involvement were achieved through the transition to Kaleidoscope.
It was really an easy transition for Wings, and it freed up a lot of staff time, making the most sense to provide the best possible experience for their members.
Convincing a board or executives to invest in new technology solutions like Kaleidoscope requires showing the value of the investment.
The initial investment and ongoing investment for Kaleidoscope was significantly less than the staff time and effort that had to be put into the process.
Kaleidoscope provided dedicated support for Wings Financial to customize and enhance their application experience, making it an easy transition and freeing up staff time.
The partnership allowed Wings to provide the best possible experience for their members, and the results were impressive, with significant time savings and reduced staff involvement.
Program Support
Kaleidoscope's expertise and tools helped Wings Credit Union transition to a new program seamlessly. They bridged the gap in knowledge with switching platforms, allowing Wings to focus on improving their applicant experience.
Immediate support from Kaleidoscope was crucial in getting the new program up and running. They provided dedicated support to customize and enhance the application experience, which was a game-changer for Wings.
Significant time savings and reduced staff involvement were just a few of the benefits Wings experienced after partnering with Kaleidoscope. This freed up staff time, allowing them to focus on other important tasks and provide the best possible experience for their members.
Cards Save Money in Minnesota & Wisconsin
People in Minnesota and Wisconsin are losing a lot of money on big bank credit cards. According to the CFPB Consumer Credit Card Market Report data, they were charged an estimated $1.9B in interest and fees last year.
Big card comparison sites like Nerdwallet, Bankrate, and CreditKarma are partly to blame. They heavily promote big bank credit cards and assume everyone pays in full, making those cards look better than they are.
If people in Minnesota and Wisconsin used Wing Credit Union's cards instead, they could save roughly $223M per year.
Wings Financial Foundation
The Wings Financial Foundation was founded in 2014.
It focuses its efforts on financial education, nutritional needs, and community impact.
Immediate Support for New Program
Having a new program up and running can be a daunting task, especially when it comes to providing a great experience for applicants.
Kaleidoscope's expertise and tools can make a huge impact on how a new scholarship program is rolled out and how it looks and feels to those applying.
It's like having a safety net that bridges the gap in knowledge, allowing you to transition seamlessly and focus on improving the applicant experience.
According to Olson, switching to Kaleidoscope allowed Wings to "make a huge impact" on their new scholarship program.
With Kaleidoscope's help, Wings was able to provide the best possible experience for their members, freeing up staff time and reducing the need for additional staff involvement.
Kaleidoscope's tools and expertise allowed Wings to focus on improving their applicant experience, rather than getting bogged down in the technical aspects of the program.
Highlights
Wings Financial needed a platform to help them navigate issues after transferring from a paper-based to an in-house developed scholarship application.
The Kaleidoscope platform provided Wings Financial with the support they needed to relieve staff resources and support an increasing application volume.
The Kaleidoscope team established cost justification and provided an easy transition to an automated system.
Through dedicated support, Kaleidoscope created a seamless member experience by working closely with Wings to design a customized application tailored to fit their specific needs and goals.
Wings Financial saw a record growth with scholarship applications, a 44% increase from 2023-2024, thanks to their partnership with Kaleidoscope.
Here are some key benefits of the Kaleidoscope platform:
- Relieves staff resources
- Supports increasing application volume
- Provides an easy transition to an automated system
- Creates a seamless member experience
Frequently Asked Questions
Who owns Wings Financial Credit Union?
Wings Financial Credit Union is owned by its members, who are also the cooperative's stakeholders. As a not-for-profit institution, members benefit directly from the credit union's financial performance.
How big is Wings Financial Credit Union?
Wings Credit Union has assets of $8.4 billion, making it a significant financial institution. It serves a large geographic area, including multiple states and industries nationwide.
Sources
- https://nickels.us/wings/
- https://business.swmetrochamber.com/list/member/wings-credit-union-14701
- https://en.wikipedia.org/wiki/Wings_Credit_Union
- https://www.mykaleidoscope.com/case-studies/wings-credit-union/
- https://finzly.com/news-events/wings-cu-selects-finzly-payment-hub-modernize-payment-processing/
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