Financial inclusion is a critical goal for credit unions, as it ensures that all members, regardless of their background or financial situation, have access to essential financial services and support. One way credit unions can promote financial inclusion is by offering flexible payment options, such as IMS Integration’s Skip-A-Pay solution, which allows members to skip loan payments during times of financial hardship.
The Importance of Financial Inclusion for Credit Union Members
Financial inclusion is essential for credit union members, as it provides them with the tools and resources they need to manage their finances effectively and achieve their financial goals. By offering services like Skip-A-Pay, credit unions can help members navigate temporary financial challenges without falling into delinquency or defaulting on their loans. This support can be particularly valuable for members who may be underserved or facing financial barriers.
How Skip-A-Pay Works
IMS Integration’s Skip-A-Pay solution enables credit union members to request to skip a loan payment online for a small fee. The system automatically evaluates the member’s eligibility based on the credit union’s pre-set guidelines. If the member is deemed eligible, they can choose the applicable loan and their preferred funding source. Skip-A-Pay then creates a loan extension record on the core and adjusts the payment due date accordingly.
Promoting Responsible Use of Skip-A-Pay
While Skip-A-Pay can be a valuable tool for promoting financial inclusion, credit unions must also ensure that the program is used responsibly. By setting clear eligibility criteria and providing members with information about the terms and conditions of the Skip-A-Pay program, credit unions can help members make informed decisions about when and how to use this service. Offering financial education resources and counseling services alongside Skip-A-Pay can further support members in building long-term financial resilience.
Building Stronger Member Relationships
Offering services like Skip-A-Pay can help credit unions build stronger relationships with their members by demonstrating a commitment to their financial well-being. By providing support during challenging times, credit unions can foster trust, loyalty, and long-term engagement with their members. This can lead to increased member satisfaction, retention, and advocacy for the credit union.
Empowering Credit Unions to Promote Financial Inclusion
At IMS Integration, we are committed to empowering credit unions with the tools they need to promote financial inclusion and support their members’ financial well-being. Our Skip-A-Pay solution provides a streamlined, automated approach to offering payment flexibility, allowing credit unions to easily assist members facing financial hardships.
Discover how Skip-A-Pay can help your credit union promote financial inclusion and support your members. Contact IMS Integration today to discover the benefits of our Skip-A-Pay solution and how it can strengthen your member relationships.
