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Tag: members (Page 2 of 3)

Generation “They’re So Different From Us!” (2022 Update)

2022 Addition: It seems I’m not alone. Finally. Millennials and Gen Z have more in common than not, and we still see pieces attempting to draw lines in the sand between us.

Which also means your credit union efforts to attract “young people” aren’t about “appealing to Millennials” or “catching the latest trend on TikTok”. It should be focused on addressing the challenges of young and not-so-young people.

Be the source of mobile-first financial guidance. Of service that doesn’t suck. Of surprising ease in money stuff that was way too complicated in their parent’s day.

Ok, new addition complete. Go see how generations have been doing this for thousands of years. Then, what you can do at your credit union to break the cycle and connect with people as people.

Generation “They’re So Different”

Which generation do you think I’m referencing? Millenials? Gen Y? (which seems to have been absorbed into the former, sadly) Baby Boomers? Gen X? Gen Z?

All of them.

It doesn’t matter how old you are; if you’re reading this, you know what I mean. When you were younger, people your parent’s age proclaimed, “kids these days have it so easy.”

I bet you heard them continue, “they’re entitled, don’t want to work hard like we did, and just look at everything as a way to have fun! The world and workplace will never be the same.”

I’m pretty sure this was followed by a, “get off my lawn!” and an exasperated, “garumph.”

History Often Rhymes

(This heading is a quote from Coach Bennett of Nike Run Club.)

An Egyptian tomb dating back thousands of years had an inscription (paraphrased):

“We live in a decaying age. Young people no longer respect their parents. They are rude and impatient. They frequently inhabit taverns and have no self control.”

Put aside the leaps in technology and communication/connectedness for a moment. How different, really, is any generation from another? Each wishes to make their mark, improving quality of life while minimizing labor.

Baby Boomer Perspectives

The Baby Boomers looked to their parent’s generation. A group of people which fought in two world wars, struggled through a global depression, and still managed to settle down into the largest growth spurt of human history.

Then, they provided an unmatched quality of life for their families. What do you think one of such history would say after seeing the first hippie?

Those earliest of Baby Boomer parents…poor, poor souls. Can you imagine their faces seeing the rise of goth, punk…boom boxes? Generation X must have seemed as foreign as the Martians from War of the Worlds.

“They will never understand the hard work it took to get here, and now they are just wasting their lives listening to, what is it, metallic music?” Yet Gen Xers have adapted to and helped shape our global workplace.

Millennials Just Mess Up Everything

The buzzword of the 2010s for generation-speak was “Millennials”. It covers the brats born between the early 80s and late 90s who eat avocado toast for brunch while destroying every industry because they don’t use fabric softener (seriously).

See? You can make such comments for any group. Though I’m no brat. But those Gen Zer’s…yeah, now they are just something else.

Alright, Millenials. From what I have been told, they are all ADD suffering, helicopter parent raised, technology-addicted youngsters for whom the status-quo doesn’t work.

They aren’t receptive to traditional marketing, nor do they wish to work in a typical workplace. Given they, like generations before them, are the first to adopt new technologies, of course the “old” strategies are less effective.

A Changing World Might Matter

This isn’t something new. The largest difference is the degree of change…in the past 20 years, we have seen a revolution of global interaction and communication unlike any in human history.

Where the jet age enabled affordable travel near and far (and, ho, so fast!), the information age brought that exchange up to the speed of light.

So how can any of this help your strategies?

Look forward. Plan how your services can be made simpler, faster, and more focused to each member. Make them fun, usable no matter where you are, and always retain the human touch.

And tell your members, all the time, because people of all ages have very short-term memories, and we might forget about all the great things you can do for us.

Continue the story in a new post: “Millenials Love Technology…Everybody Knows That”!

Image courtesy of http://www.startrek.com/uploads/assets/articles/voyage-home.jpg (the one with the whales)

Egyptian quote attributed to Buckminster Fuller in his book, “I Seem to Be a Verb”

Upgrading to Super-Members

Last month, Tesla Motors announced the D, and, in their words, “something else”. No, it was not a hovering car. Nor did they add rocket boosters onto the side. Well, actually…

Turns out, the D was a dual-motor, all-wheel-drive version of the Model S. And the “something else” was an Autopilot system.

Not bad. They made incremental improvements to their existing products. Or, did they take their current line to a new level?

Alongside the improved handling an AWD vehicle provides, the D system adds a second “engine” and nearly doubles the horsepower. With a 0-60 performance of 3.2 seconds, it becomes a super-car, and the fastest 4-door vehicle ever. Oh, and those dual motors improve range as well. Then, the Autopilot system can handle up to 90% of highway driving, on its own.

Faster, safer, more efficient. I guess you really can have your cake and, well, you know the rest.

We speak to a lot of credit unions. Every one wants to attract their members to more services while growing their membership. They’ll welcome that growth within a range of products. Credit cards? We have low rates! Mortgage? Easy filing and rate guarantees. Car loans? Set up auto-pay and we’ll deduct a few basis points.

Think about the Tesla approach. Sure, they have the Model X on the horizon, and a Model 3 a year or so following, but right now, they are laser-focused on the Model S. “But Joe, they only have one product right now, so of course they would be focused!”

You’re right. So why can’t you do the same within the CU? Offer your range of services, then choose one each quarter to super-charge. How can you add the “D” for mortgages? Credit cards?

With our partners, we focus solely on auto loan growth. It helps them extract the best of their program, expertise, and goals into a focused campaign. They’re not reinventing auto loans, just doubling their horsepower.

If only we all had an Autopilot feature for running the institution.

You’re 1 In 3!

Congratulations to credit unions nationwide…you’re a statistic! In this case, a good statistic: 1 in 3 Americans are members of a credit union. CUNA explains in their press release.

What makes this important? More members is always a good thing, enabling new services and opportunities throughout the industry. Yet, when you look deeper at the numbers, there appears some interesting questions.

Credit unions have garnered 100 million members. In every measure, that’s a lot of people. People with goals, wants, challenges, and more. Members who are well-established in their financial strategies, others who are just getting started. Single college students and retired couples.

Let’s get a better feel for how crazy big a number like 100 million really is. If I handed you a $100 bill every 10 minutes, of every day, whether you were awake or asleep, it would take nearly 20 years to reach $100 million dollars. Or, how about this: If I asked you to count to 100 million out loud, taking only one second to say each number, you would take over three years, and that’s without eating, drinking, or sleeping for a single moment.

You know what comes to mind? This is the song that never ends, it just goes…

Ok, so credit unions have a lot of members. Why aren’t they leading in all financial categories? Their rates are better than banks, the member is the motivation for service, not shareholders, and, guys, there are 100 million members!

The industry as a whole is growing, thanks to perception blowback from some big banks, clever on-boarding strategies, and competitive offerings. Some, but not all, are delivering exceptional results. The ones who are? They’re taking calculated risks, modernizing their infrastructure, communications, and brand, and confronting their competition head-on. It’s a merging of past and future; looking back for culture and values while looking forward to be the best financial solution for their members in the years ahead.

The numbers are there. What are you doing to maximize the relationship and give them every convenience they would get from a larger credit union or even, gasp, a big bank?

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