Redwood Credit Union member voices drive $1.6 million in savings
When Redwood Credit Union members suggested they wanted simple ways to save money automatically, the credit union didn't just take notes. They built an entire system around member feedback that has now helped members save more than $1.6 million this year alone.
From member wishes to financial reality
The credit union, which serves 505,000 members across eight counties in California’s northern Bay Area, including San Francisco, has created what they call the Total Member Experience platform. This platform is a social media-style internal system where member suggestions become development priorities based on employee votes and engagement.
"When our team members hear feedback from members like 'I wish you had this' or 'I wish I could do that,' they enter it into this platform," said Mishel Kaufman, Redwood Credit Union's chief operating and risk officer. "Every employee can go into [the platform], vote, comment, review these ideas, and as votes accumulate, that's how things rise to the top and create priorities for us."
The approach has proven remarkably effective. Two savings tools launched through this member-driven process (Round Up and Save and Simple Save) have together helped members automatically transfer $1.6 million into savings accounts this year through September.
Small changes, big impact
The Round Up and Save program, which emerged directly from member requests, allows users to round up debit card transactions to the nearest dollar, with the difference automatically transferred to savings. Currently, more than 9,000 members are enrolled and have saved $1.1 million year-to-date, averaging $15 per member. These opportunities for small changes show just how they can create a substantial impact.
"It's just another example of how those incremental savings really add up to big dollars," Kaufman explained.
The companion Simple Save program lets members automatically transfer a percentage or fixed amount from each deposit into savings, essentially paying yourself first." With 855 members enrolled, the program has generated $525,000 in transfers this year, averaging $97 per transaction.
According to Kaufman, one single parent who had never been able to save money before told the credit union that by using Simple Save to set aside just 2% of every deposit, they accumulated over $400 in four months. Another member combined both programs to save $300 in three months and felt prepared when an unexpected car emergency arose.
"This member had an unexpected car emergency, and it brought them so much more peace of mind about how they've been able to handle that emergency and future emergencies, and that they have good savings practices and habits in place now," Kaufman said.
Beyond technology: the human element
The savings tools work in partnership with Redwood's comprehensive financial coaching program, which emerged from the same social impact philosophy. The credit union has certified over 80 team members through America's Credit Unions' Financial Counseling Certification Program (FiCEP), with at least one coach available at each of their 22 branches.
These coaches have conducted more than 1,000 personal conversations and meetings with members, offering free support for budgeting, saving, debt repayment, and credit building. The service extends beyond crisis intervention to support members throughout their entire financial journey.
"Our financial coaching is free, confidential support that helps members set up their goals, helps them reach their dreams," Kaufman noted. "It's not just a tool when you're in a challenging time. It's financial coaching to help our members along their whole journey throughout their whole life."
The coaching component reflects Redwood's broader philosophy that emerged from their response to the devastating 2017 wildfires in Sonoma County. When the credit union helped establish the North Bay Fire Relief Fund, which collected over $32 million from donors worldwide, CEO Brett Martinez realized they created more social impact every day through regular credit union operations, Kaufman said.
The innovation imperative
For credit union leaders, Redwood's approach offers a blueprint for systematic innovation that doesn't require massive technological investments or complex market research. Instead, it leverages the relationship advantages that define the credit union difference.
"You just need to get started, and every small step helps you get to your goal," Kaufman advised fellow credit union professionals. "It's having that plan, taking those steps, and then continuing to grow and enhance and deepen that, and that results in meaningful change and really that social impact of changing our members', team members', and communities' lives."
Redwood’s Total Member Experience platform demonstrates how credit unions can transform their natural member relationships into competitive advantages. Rather than guessing what services members want, Redwood created a system that ensures member voices directly drive product development priorities.
As traditional financial institutions increasingly compete on digital features and marketing spend, Redwood's success illustrates how credit unions can differentiate through authentic member engagement and responsive innovation. The $1.6 million in automated savings represents more than program success. It's evidence that listening to members and acting on their feedback creates measurable value for everyone involved.
For members struggling to establish savings habits, these tools remove barriers and make financial wellness accessible through small, manageable actions. For the credit union, they demonstrate tangible social impact while strengthening member relationships and loyalty.
