Change Machine automatically awards six unique behavioral outcomes to customers based on information entered on the COACH dynamic worksheets. These outcomes are indicators of promising behavior change on the road to financial security. Each customer can earn each outcome once.
- Goals: Achieve an Action-Driven Goal
- Assets: Save Consistently
- Banking: Decrease the Cost of Financial Transactions
- Credit: Improve Credit Score
- Debt: Decrease Debt
- Taxes: Save a Portion of the Tax Refund for a Financial Goal
Tip: Outcomes are calculated based on changes in behavior so you generally need two meetings with a customer to achieve an outcome.
The Outcomes tab in COACH summarizes the outcomes that the Customer has earned. An outcome badge highlighted in color indicates that the customer earned that outcome.
Tip: The total number of outcomes that a customer earned is also always visible in the customer dashboard at the top of the page.
Earning the Goals outcome
The Goals Outcome is awarded when a customer has an achieved goal. Use the Goals worksheet to add a new goal. Goals have statuses like active, inactive or achieved. Track customer progress towards that goal by updating the amount saved field. When the customer achieves the goal, update the status to achieved.
Tip: If the amount saved is greater than or equal to the amount needed, then the goal status will automatically update to achieved when the goal is saved.
Earning the Assets outcome
The Assets Outcome is awarded to those customers who save consistently. Savings is an activity not an amount so Change Machine tracks this outcome based on the number of deposits made and not increases in asset balances.
Each meeting, ask the customer how many deposits they've made in each of their accounts since you saw them last and enter that information in the number of deposits field on the Assets Balances Worksheet. When the total number of deposits across all accounts and across all meetings is greater than or equal to two, then the customer earns the Assets Outcome.
The Assets Outcome can also be earned by establishing or increasing the amount of an auto-deduct transfer. When the auto-deduct amount increases from one meeting to the next, then the customer earns the Assets Outcome.
Earning the Banking outcome
The Banking Outcome is awarded to those customers who decrease their total financial transaction costs. Change Machine tracks financial transaction costs on the Banking dynamic worksheet. Each type of financial transaction cost has an amount and a period that multiply into the annual cost.
The Banking Outcome is awarded when the financial transaction costs decrease from one meeting to the next.
Tip: The change in monthly bank fees from one meeting to the next is also displayed in the customer dashboard at the top of the page.
The Credit Outcome is awarded to those customers who improve or establish their credit score. Change Machine tracks a customer's credit score on the Credit Worksheet. In the active meeting, update the credit score field based on the latest credit report pull.
The Credit Outcome is awarded when a customer's credit score increases from 0 or 1 to 300 and above or for any increase between 300 and 850.
Earn the Debt Outcome
The Debt Outcome is awarded to those customers who decrease the balance on a debt. Use the Debt Worksheet to add new debt lines for a customer. Update the debt balance in follow-up meetings.
The Debt Outcome is awarded when a customer's debt balance decreases from one meeting to the next.
Earn the Taxes Outcome
The Taxes Outcome is awarded to those customers who save a portion of their tax refund towards a financial goal. Savings from tax refunds are tracked on the Taxes Worksheet.
In order to earn the Taxes Outcome, a customer must meet the following criteria:
- Must have received a tax refund.
- Must have an active financial goal.
- Must enter an amount saved.
- The date saved must be after the initial coaching meeting date.