Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Recruiting young board members can help CUs attract youth
AUSTIN, Texas (12/7/07)--Credit unions looking to recruit young members should start at the credit union board level, according to a Generation Y marketing consultant. Justin Ho, a 20-year-old board member at University of Southern California (USC) CU and a marketing consultant with Glatt Consulting, shared the importance of actively bringing youth into credit unions during the Credit Union National Association’s Your Essential Strategies (YES) Summit in Austin Wednesday. “The credit union movement will come to an end within a few generations if credit unions don’t make themselves relevant to this demographic,” Ho said. “The biggest wealth transfer in history is about to occur and credit unions need to take advantage of it.” After joining the Los Angeles-based USC CU board, Ho surveyed other board members to see how they thought the dynamics of the board had changed. His results indicated that young adults can be separated into three groups in regards to financial institutions: reward-seekers, those looking to build relationships, and those that are oblivious. The best place to target Generation Y is during the college years. Seven of every 10 college students keep the banking provider they use in college, Ho said. It’s important to reach out to this generation through the Internet. Generation Y uses the Internet more than any other generation, and online banking is the most popular finance web tool, he noted. To reach Generation Y, USC CU uses social networking through Facebook and offers free money management classes on campus.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
10 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
10 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
11 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
12 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
13 hours ago