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Best practices report on meeting boomer needs
MADISON, Wis. (11/7/08)--Credit unions’ successful strategies and offerings for meeting the needs of their baby boom members are featured in a new best practices report from the Credit Union National Association (CUNA). The baby boomer group--those born between 1946 and 1964--represents roughly 25% of the U.S. population. “Credit Union Magazine Best Practices: The Rewards of Baby Boomer Partnerships” outlines the successes of eight credit unions in reaching out to this group and helping ensure boomers’ financial futures. The credit unions--ranging from $251 million in assets and 12,000 baby boomer members to $6.2 billion in assets and 141,000 baby boomer members--have tailored their efforts to meet the needs of this group. The credit unions discovered that there are few true baby boomer products and it is critical to offer a breadth of investment and retirement services. These credit unions also recommend marketing to life stage rather than age. Finally, they all learned that members of every age are tech savvy and expect their credit unions to make it possible to handle most transactions online. Also available from CUNA are best practices reports on succession planning, serving members of modest means, growing youth membership, business services providers, consumer lending, credit counseling, disaster recovery, risk-based lending and more. For more information, use the link.
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