Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.
Christopher Morris, 30 Under 30 member, CUNA Councils
“Technology” and “young adults” are seemingly always in the same sentence. Social Networking! Mobile Banking! Twitter! P2P Lending! Blogging!
But before you move forward with the “next big thing,” let’s reflect together as I take you back to the mid-nineties….
Toni Montgomery, 30 Under 30 member, AmeriChoice FCU
I was recently at a credit union leadership school where credit union professionals from around the state gathered. One of the days we were invited to choose two breakout sessions we would like to attend. I am in the marketing department and thought it would be a good idea to attend a lending workshop. During the workshop, the presenter asked the group this question: “You have a credit union member with a credit score of 440 applying for a loan. This person has been a long standing member of the credit union and has always repaid their loans to you. Do you give them the loan?”
categories » 30 Under 30, CU Tomorrow, Lending, Young Adults and Families
A few weeks back, Joe James, a 30 Under 30 member and a capital fellow, posted his thoughts about how credit unions could recruit better. He based his input on his first job out of college, at a great spot for credit union analytics: Callahan and Associates in Washington, D.C. We got in touch with Callahan VP Alix Patterson, who runs the Corporate Associate program, to talk a little about how a company with only a few dozen employees can attract some of the best and brightest.
categories » Podcasts, Young Adult Recruiting
Brandon Michaels, 30 Under 30 member, San Francisco Fire CU
That’s right! Financial institutions in India, and around the world, are embarking on a risky, but HIP, new branding message: NEXT-GEN branching. Each branch will have approximately 300-500 sf of lounge areas to play video games, conduct business via Wi-Fi, and conduct financial business. The idea is to make banking ‘hip.’
categories » 30 Under 30, Consumer/Member Data
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?
Brandi Melo, 30 Under 30 group, Rocky Mountain Credit Union
It disappoints me to consistently read a requirement of “5-7 years experience” for all jobs posted in trade publications. How can years of experience accurately demonstrate that the applicant utilized those years to bring him/herself to the level needed to perform the job well? I think this really limits the qualified applicant pool and definitely discourages Generation Y applicants.
What do you do when you want to attract younger members? Treat them like your best customers, that’s what. Cisco Malpartida Smith, segment marketing manager at BECU, Washington State’s largest credit union, talks about how his credit union pays 7.5% to its smallest depositors and shows how BECU builds the right services for the right groups:
I used to take great pride in being able to name each of the six flags that have flown over Texas (France!?). But none of those banners included a red maple leaf … until now. The Young and Free program, cooked up at BC-based Currency Marketing and popularized by the inimitable Larissa at Common Wealth CU in Alberta, has come to Texas. Here are three reasons it might not work.
categories » CU Tomorrow, Innovation
Dustin Limburg, 30 Under 30 member, Wright-Patt Credit Union
“The success of any business depends on the target market’s ability to distinguish one product from another” (Lamb, Hair, McDaniel, Marketing Essentials 2003). The brand is a marketer’s most powerful tool to distinguish their organization from the competition. In an industry where the average consumer doesn’t understand that a credit union is NOT a bank, here’s how to wield the brand tool.
categories » 30 Under 30
Brandon Kelly, 30 Under 30 member, E Federal Credit Union
In the July 2008 edition of Brandweek magazine, I read an article about an FCC ruling that bars Verizon Wireless from contacting departing customers to offer incentives to remain with Verizon. While I’m not in favor of harassing phone calls from wireless providers seeking to keep my business, I have to give Verizon kudos for taking action and not letting customers go without a fight. Verizon calls this strategy win-back marketing.
The article got me to thinking … Where’s the fight in credit unions?
categories » 30 Under 30, Marketing, Consumer Behavior and Market Research