Matt Dean and Doug Williams from
& the OPEN SOURCE CU blog/podcast
Building Relationships With Gen Y
Hi there.
Meet Gen Y.
Depends on who you ask.
Who’s Gen Y?
1980 to 1995 1976 to 2000
Depends on who you ask.
Who’s Gen Y?
1980 to 1995 1976 to 2000
For the mathematically challenged, that’s either 13 to 28 or 8 to 32
This is how financial institutions look to Gen Yers:
The numbers say CUs have a built-in advantage in appealing to Gen Y... well, at least the Gen Yers who
know us.
Member Satisfaction Levels: National Norms for Comparing Local Survey Results, Second Edition (2002), Filene Research Institute, Pub #: 1752-78, p. 15.
Member Satisfaction Levels: National Norms for Comparing Local Survey Results, Second Edition (2002), Filene Research Institute, Pub #: 1752-78, p. 15.
Takeaways: How can credit unions be more attractive?
43 21Offer products that fit.
Simplify your brand.
Stimulate and facilitate conversation.
Stand for something.
1Offer products that fit.
Low limit Credit Card products to start out - coupled with financial education.
Electronic Rewards High Yield Checking
Gen Y is rate savvy.
Keep-the-Change-type “round up” savings
What other financial services are proving attractive to Gen Y?
Is P2P lending really that new?
Is “thrift” a new concept?
2Simplify your brand
Generation Y trendsetters are more drawn to brands that speak to them in a “straightforward and stripped-down way,
use plain packaging, and avoid excess”
Source: MediaPost & Outlaw Consulting
Think ING Direct.
Simplify your vocabulary.
Which is more intuitive?
“Wealth Management” or “Financial Check-up”
“Assets” or “Money”
Simplify your presentation.
3Stimulate and facilitate conversation.
Consider using social media.
As part of using social media, credit unions should consider User Generated Content (UGC) in
marketing campaigns.
Results after 120 days
28 Print Articles
11 TV segments
+ 7 Radio segments
Results after 120 days
28 Print Articles
11 TV segments
+ 7 Radio segments
2.1 million impressions
400 brand mentions
Total Value: $180,000
4Stand for something
The best kind of Cause-Marketing:
•Relevant to your brand
•Local
•Produces tangible results
43 21In conclusion...
Offer products that fit.
Simplify your brand.
Stimulate and facilitate conversation.
Stand for something.
Questions?
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