Modernizing scholarship programs for credit unions
Streamline operations for credit union staff while providing the engaging experience desired by members and the community.
This webinar will provide credit unions with insights and best practices into how technology can modernize their scholarship programs, streamline workflows, enhance the member and volunteer experience, and ensure fairness and compliance.
PS: You’ll also get a cup of coffee on us 🙂
Webinar: 9/24/2024 at 11am CT
Webinar Highlights:
We’ve seen thousands of awards over the years at Reviewr and there is one particular association that stands out as an innovator in the space and dare we say it, offers what could be considered the “perfect” award workflow. We’ll keep who they are a secret until the webinar 🙂
Scholarships can be complex. You potentially offer multiple scholarship opportunities and/or have specific requirements and eligibility.
In this section we explore ways to help bring awareness to opportunities as well as manage eligibility checks to make sure we do not waste applicants time applying for opportunities they are ineligible for, or spending valuable staff time vetting unqualified candidates.
Bonus: We will also introduce a scholarship nomination process as a way to boost marketing efforts and program awareness.
What if we told you that roughly 30% of applicants start and never finish a scholarship application?
Now what if I told you that with a properly structured submission workflow and conversion tracking we can not only increase volume, but also increase the quality of entries.
In this section we will explore the “ideal” scholarship application that focuses on academic achievements, community impact, personal storytelling, financial needs, and reference requests. We will also explore long term data collection from scholars such as fund disbursements, media releases, and more.
Ditch reference letters in favor for reference templates. Bring your scholarship to modern times by lowering the barrier for references while also ensuring consistent data collection that ensures a fair, non-bias, selection process.
Who doesn’t love spending their days in spreadsheets, downloading documents, compiling folders, sifting through emails, etc?
Even if you’re a pro in excel – your time is better spent elsewhere. In this portion of the webinar we will discuss areas of opportunity to streamline award operations so you can focus less on managing, and more time making an impact and engaging with the community.
What if we told you that the energy levels and workload capacity for volunteers and “award judges” dramatically drops after reviewing roughly 15 nominations?
Raise of hands, how many people have their committees reviewing more than 15, or better yet, ALL nominations?
We will explore proven mechanisms and workflows that allow credit unions to distribute nominations to their team for review that ensures review teams are not overwhelmed while also making sure each scholar is given the opportunity they deserve.
Arguably one of the hottest topics for credit unions – how do we create a review process that ensures the best candidates are selected through a fair, impartial, un-bias, and compliant process?
Easier said than done? No – not really. Learn more about how to redact PII, leverage scoresheets, encourage deliberation, and identify individual “judge tendencies”.
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The experience your deserve
Why Credit Unions use Reviewr?
Reviewr for Credit Union Scholarships: Scholarships, powered through Reviewr, help credit unions drive deeper member engagement and community impact – leading to increased asset growth, regulatory compliance, and community trust.
Scholarships are a direct way of giving back to the community. It shows credit unions are committed to the betterment and success of its valuable members – leading to increased membership. As Membership increases, more individuals will open accounts, take out loans, and leverage other financial services.
According the the World Council of Credit Unions – the average age of a credit union member is 53, posing long-term sustainability challenges. Scholarships attract a younger generation of membership while leading to increased membership via referrals as well as driving financial literacy and education in a target demorgraphic.
Scholarships from credit unions are a direct investment into the community – helping members achieve their educational goals, which lead to better job opportunities, improved quality of life, and local economic impact. By supporting members educational pursuits, credit unions lay the groundwork for long-term relationships. Members will appreciate the credit union’s efforts leading to increased loyalty and trust – empowering positive publicity and community brand image.
In a highly regulated industry Reviewr provides both the data security and audit proof of process critical to the success of a scholarship. Leveraging proof of process functions credit unions will ensure a fair, non-bias, and compliant scholar selection process while also ensuring a feedback loop for self development and growth. As a SOC2 certified platform, Reviewr gives both credit unions and the community peace of mind that robust data security measures are in place to handle sensitive member information.
Reviewr provides the modern consumer the digital accessibility desired by the modern consumer. This leads to a better participant and volunteer experience, streamlined operations, data-driven insights, and the toolbox credit unions seek for building a digital brand presence.
The Scholarship Applicant Experience
Empower scholarship applicants with the modern and user friendly experience they desire – promoting more engaged participants, increased participation rates, better quality applications, and reduced support.
The Scholarship Management Experience
Increase scholarship management efficiency by an average of 84%, saving time and money that can be better allocated to other high-impact activities. Manage the entire scholarship lifecycle in one place with a dedicated scholarship management system – eliminating the back and fourth between paper, email, web forms, spreadsheets, exporting, databases, file sharing, and more.
Streamline your review process with Reviewr’s dynamic feature for assigning scholarship applicants to review committees, a vital tool within our comprehensive scholarship management software. This feature offers versatile assignment options to accommodate your program’s unique needs, ensuring a fair and unbiased evaluation process. Manually assign individual scholarship applications to specific committee members for a tailored review approach, or utilize groupings to distribute batches of applications efficiently among different reviewers. For a more impartial distribution, leverage the automated assignment system, which randomly allocates a set number of submissions to judges, mitigating potential biases and promoting a fair assessment environment. This assignment flexibility ensures that each application is reviewed thoroughly and fairly, enhancing the integrity and credibility of your scholarship program.
The Scholarship Review Experience
Reduce scholarship evaluation workloads by 79% and promote a professional and time-conscious online review and selection experience resulting in higher quality reviews, feedback, and increased year over volunteer retention. Ensure program integrity and confidence through non-bias, accurate, transparent, consistent, and data-driven decision-making.
