PROVO, Utah– Utah Community Credit Union (UCCU) said it has entered into a partnership with Incent, a provider of family and youth digital banking solutions, to offer its Family Banking platform to members.

The $3.5-billion UCCU, which is located between Utah Valley University and Brigham Young University, pointed to research showing the average CU member is 53, while its average member is 32, “hence the impetus to offer a true family banking platform,” the organization said.

“UCCU has one of the youngest banking demographics in the nation, and we have a lot of young families,” VP-Marketing Kevin Banks said in a statement. “We needed to serve our families better now and into the future. The partnership with Incent is a perfect fit. We are thrilled to offer a banking experience, designed specifically with the youth in mind, to help foster responsible money management habits, financial literacy, and make it easier for parents to manage their children’s banking needs.” 

Better Engagement Cited

According to Incent, its platform helps financial institutions better attract and engage members by offering a secure, real-world digital banking experience for children and teens, and further helps to seamlessly transition the child to an “adult” account when they turn 18. 

“The platform also ensures deposits and interchange revenue remain within the client institution rather than being diverted to third-party fintech sponsor banks,” the company said.

The Silicon Slopes

Added Banks, “Being located in Silicon Slopes, Utah’s version of Silicon Valley, our tech-savvy membership demands innovative solutions. We needed a solution that could engage children and their families, and after our research, Incent’s platform stood out above the rest to help us accomplish our goals.”