Coast Capital's Money Chat receives national innovation award

SURREY, BC, Dec. 5, 2012 /CNW/ - Coast Capital's Where You're At Money Chat, designed to guide customers through a step-by-step process to improved financial health, has been recognized with a 2012 InNOVAtion Award from Central 1 Credit Union.

The annual awards, presented as part of Central 1's fall conference in Vancouver, celebrate the spirit of innovation within the credit union system in B.C. and Ontario. Coast Capital's award for its Money Chat was in the service innovation category.

"We are pleased to recognize these winners for their innovative efforts," said Fred Wagner, Senior Vice President, Trade Services, for Central 1. "These projects highlight the creativity and devotion to customer service that are hallmarks of the credit union systems in B.C. and Ontario."

Brad Scott, Director, Customer Experience, for Coast Capital Savings, said at the heart of the credit union's Money Chat is the four money basics, based on the premise that as complicated as our financial lives might seem, all of our choices and decisions fit squarely into how we manage, save, grow and protect our money. By taking a close look at these four areas and making necessary changes, customers can go a long way towards realizing their money-related goals.

"The Where You're At Money Chat is a free service that quickly assesses the customer's current financial situation and helps them get better in the four money basics - how they manage, save, grow and protect their money," Scott said. "We continue to see research that shows Canadians need help improving their finances, especially in the area of debt, but we also know this is not an easy topic for many to discuss. Our goal is to help make this conversation less intimidating and assist customers in pinpointing opportunities to improve their finances by working on one or more of the money basics."

According to latest figures from Statistics Canada, for every dollar of disposable income, Canadian households now owe more than $1.63. In total Canadians owe over $1.5 trillion or almost $180,000 for each household in Canada.

Scott said customers can complete the Money Chat at any Coast Capital Savings branch using printed questionnaires, or a proprietary iPad app, available at some branches. In addition to helpful tips, customers who complete the Money Chat are provided with worksheets and calculators showing the projected results of changes they plan to make. With the iPad app, customers can begin an electronic Money Chat on their own in the branch, develop a plan of action with the help of staff, and have the plan sent to an e-mail address of their choice.

Coast Capital's Where You're at Money Chat was launched in July 2011 and to date the credit union has delivered this service to more than 45,000 customers.

SOURCE: Coast Capital Savings Credit Union

For further information:

Divine Agodzo
Manager, Media Relations, Coast Capital Savings
Phone: 604.517.7549

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Coast Capital Savings Credit Union

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