Katie Miller, 30 Under 30, Navy FCU
“Pope Benedict XVI to use SMS text message to reach youth during World Youth Day” is the headline from a 7 May 2008 article from IntoMobile.com. A quote from Bishop Anthony Fisher reads, “We wanted to make WYD08 a unique experience by using new ways to connect with today’s tech-savvy youth.”
If such non-traditionally technologically advanced institutions like the Catholic Church are turning to mobile devices to connect with youth, why can’t credit unions?
The Bishop puts it perfectly – to engage youth, you need to provide them a uniquely crafted experience. Something that really resounds with them: text messaging…
In an informal poll of the interns in my office (ages 19 and 22), they stated that they easily check their phone more often than their email. They don’t think most “kids” can afford a blackberry, so their access to email is more limited than their ability to send and receive text messages. Their main mode of communication with friends is no longer through typing on the computer – it’s typing on the phone!
So what’s a perk for Generation Y? The ability to do business through text messaging. A suggestion from a member of our Innovation staff was to give teenagers (or really, any Debit Card holder) the ability to have text messaging alerts sent to them when their checking account balance drops below a threshold set by them. His thought was that, “teenagers are really bad at managing finances, but really good at checking test messages.” How many teenagers want to have to pay that $30 NSF fee? Text message warnings are a helpful way to prevent those NSFs, and possibly a good enough incentive to get a new Gen Y customer for your checking account!
Unfortunately, when I googled “credit unions and text messaging” most of my results related to “smishing” scams where unauthorized text messages were being sent to credit union members, in an attempt to fraudulently get personal information electronically. While it’s unfortunate that credit unions were being targeted, the same security and education provided around our internet and email communications can be created for our text message communications as well.
So what do u say? Brng on the txt msgs! ;-)
Comments
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I definitely think text messaging for balance and other account alerts is a great idea. I know I would appreciate frendly reminders to potentially avoid fees.
On the other hand, I don’t think it’s a great idea for marketing or other promotional messages. I once made the mistake of sending a text message at a concert so that my message appeared on the screen (yes, it was hard to admit I actually did that.) I now get some sort of marketing text from them at least once a month. I disregard it just like another other form of advertising I deem as “junk.” It’s convenient but it doesn’t mean I pay attention.
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Great idea. I’ll tell you that during last year’s YES Summit’s brainstorming sessions, this was an idea that almost every group came up with…so you might be on to something.
I’d love to know how easy or hard it would be to set this up at a CU.
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Amy has a point, this would be a wonderful service to remind ourselves of balances, maturing CD or rate changes.
However, a really good idea like this could easily be killed if it becomes another opportunity to send useless marketing. If this was to happen the whole idea would be at a loss very quickly.
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At my credit union, members have the option to receive text alerts for a variety of reasons. Members can elect to get a text alert notifying them that a loan payment is due or when their payroll is directly deposited. It’s a great benefit and the service will be enhanced within the next couple of months as we upgrade to a newer home banking product. Members will then be able to create their own alerts, such as notify me when check xxx clears my account. The best part about this is, you just sign up for the text messages that you want. If you’re only interested in what your payroll amount is and when it’s deposited, then that’s all you have to sign up for. Oh, and the other great part, is that it’s a free service to our members. For anyone interested in text messaging, my credit union is operating using Symitar. ttyl
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