Seeking Gen Y as Credit Unions Invest in Members of the Future: Online Only
All credit unions know their futures depend on connecting with Gen Y, but it still seems they’re having a tough time doing so.
According to a recent Filene Research Institute report, “Credit Union Market Niches: Social and Demographic Opportunities,” challenges such as closed fields of membership, weak technology and even a misunderstanding of the term “credit union” stand in the way of nudging the average CU member age down from 47.
Small credit unions, such as the $73 million San Diego Medical FCU, recognize the importance of attracting young members but may not have the resources to implement full-fledged Gen Y marketing programs. San Diego Medical FCU president/CEO Paul Lewis said his membership, comprised of medical field employees and servicemen and women, is aging.
“As a general rule, we need to attract younger members for our long-term success, so it’s a concern,” Lewis said. “The long-term
success of any credit union is dependent on accessing young members and bringing them on as full members, so we recognize the importance of that.”
Jenn Cloud, center, and fellow Young & Free spokesters from Alberta and Michigan dressed up as Lady Gaga for spoof music videos they were working on at the their annual conference.
This is LeKea, a Vantage Credit Union colleague, helping Jenn with a fashion show at the Grove Fest event in the fall.
Here's Jenn and the winners of the "Breaking Dawn" midnight premiere tickets from a contest she ran at the movie's St. Louis opening.
This shot was taken at the pumpkin carving contest at the Moonrise Hotel in St. Louis' University City where Jenn was a judge.
Here's some swag the spokesters get to keep as payment for their efforts.
And here's the Nissan Cube they tool around town in to promote their credit union and the Young & Free program.
And lastly, here's a collage that Jenn Cloud made for an interactive marketing conference, showing the integration of the Young & Free St. Louis all the way down to her nail polish.