MassMutual Federal Credit Union was first formed in 1962 by 35 employees of the Massachusetts Mutual Life Insurance Company. Since then, the credit union has grown to more than 13,000 members, exclusively serving MassMutual employees, MassMutual Financial Professionals, their family members, and others who work on MassMutual campuses.
MassMutual FCU was also one of the first financial institutions to partner with Zogo, using the gamified financial literacy app to connect with members of all ages and provide engaging, accessible financial education to the MassMutual community.
Zogo content coordinator Hannah Lang spoke with MassMutual FCU marketing specialist Samantha Barnes to discuss the organizations’ partnership, financial education and more.
Zogo: Could you begin by describing the timeline of your partnership with Zogo?
Barnes: We started with the original pilot in October 2019, but we signed on in late July of that year. Since then, we’ve seen Zogo change and improve in many different ways. But our partnership with them the whole time has been wonderful — the team is very communicative, on top of things and constantly improving. We appreciate that.
Zogo: Prior to partnering with Zogo, what were some of the other ways in which MassMutual Federal Credit Union worked to connect with younger members?
Barnes: We’ve always worked to connect with younger members and serve as a trusted guide for them in the early stages of their financial journey — the same way we do for all our members. One of the ways we’ve reached out to young adults was through a quarterly paper newsletter. But it was difficult to determine if that was starting a conversation about personal finance.
Now, with Zogo, we’re able to view detailed analytics on who is using the app and how often.We believe it’s a more effective and engaging way to keep our members informed. Users are also able to message our team directly through the app. It’s very rewarding to see that positive feedback.
Zogo: What is the role of financial education at MassMutual FCU? How do these kinds of initiatives fit into your organization’s purpose?
Barnes: Financial education goes hand-in-hand with our mission, which is to improve the financial well-being of our members by providing valued products and exceptional service. Zogo is one of those products and services that can really improve someone’s financial life — and it’s all on the individual’s own terms.
Prior to the COVID-19 pandemic, we also offered many seminars that people could call into or attend in-person. Zogo widens our spread and increases the accessibility of educational resources.
Zogo: What are your thoughts on how the new generation — Millennials and Gen Z — will change the future of finance?
Barnes: I think this generation may come to expect more of our financial institutions than the generations that came before us. And because of that, I think our generation will be more drawn to institutions that have proven their commitment to the individuals and the community they serve. I think we’ll look for the ways that institutions are giving back and reinvesting in their communities.
Zogo: As the partnership between MassMutual Federal Credit Union and Zogo progresses, what are you all looking forward to?
Barnes: We’re excited to see what Zogo creates. Every month, there’s something new.
We’re also excited to see how our members who are using the app now, how it will affect their relationship with MassMutual FCU: if they are using the information to open an account, for example, or ask questions. At our credit union, it comes down to our members and their success — we’re happy to have found a tool that helps them along the way.