generation y: the future of credit unions
DESCRIPTION
Bryan and Matt's presentation at the CUNA Mutual Group Discovery ConferenceTRANSCRIPT
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
Generation Y: The Future of Credit Unions
Matt Dean, CEO-TrabianBryan Sims, CEO-brass|MEDIA Inc.
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common vision • uncommon experience • think discovery
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common vision • uncommon experience • think discovery
Entrepreneurial
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Entrepreneurship• Ebay
– 724,000 primary or secondary income
– 1.5 million supplement their income
• In processing interviews in New York City Family Court, kids still say they want most to be NBA basketball players.
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common vision • uncommon experience • think discovery
Entrepreneurship• Ebay
– 724,000 primary or secondary income
– 1.5 million supplement their income
• In processing interviews in New York City Family Court, kids still say they want most to be NBA basketball players.
– The second most frequent response is "to be an entrepreneur."
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
Helping People
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Charity/Social Drive
• $926 million- donations from 8-18 year olds in 2004
• 86% consumers say they are likely to switch brands associated with a good cause given all things equal
– 50% are willing to pay 5-10% more
• 58% of Americans will purchase products that donate a percentage to causes
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common vision • uncommon experience • think discovery
Charity/Social Drive• Target Guest Card-
– Customers donate 1% of purchase to local school of their choice
– On school web sites, “If you shop at Target, please consider designating Sanford Middle School as your choice for giving.”
– Target opened 11 million accounts and schools got $23 million
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
Technology
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common vision • uncommon experience • think discovery
Technology
“Members of the My Media Generation can fit up to 44 hours of activities in just one day…”
-Yahoo.com
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common vision • uncommon experience • think discovery
Blogs
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common vision • uncommon experience • think discovery
RSS
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common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
Technology
750,000 in 48 hours
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common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
Picture Perfect
Visa Credit – November 2005Ø 8,447 accountsØ 7% increase in transactionsØ 9% increase in balancesØ 22% decrease in checks written
Visa Debit – March 2006Ø 10,021 accountsØ 13% increase in transactionsØ 7% increase in balancesØ 18% decrease in checks written
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common vision • uncommon experience • think discovery
Wesabe
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common vision • uncommon experience • think discovery0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
ATM withdrawals Check cards Online banking Online bill pay
17%20%
37%
47%
32%
39%
57%
62%
35%
48%
69%
80%
40%
59%
77%
84%
50%
68%
83%
90%
18-3435-4445-5455-6465 or older
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common vision • uncommon experience • think discovery
Technology
Not just technology…
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common vision • uncommon experience • think discovery
Young adults view physical branches just as importantly as Baby
Boomers
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common vision • uncommon experience • think discovery
Apple Genius Bar
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Umpqua Bank
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2006 Internet advertising is up 34%
from 2005
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But…..
…10% to 15% of the advertising traffic is
likely click fraud
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More than 230 million Americans have cell
phones
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But……
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Magazine circulation decreased 5.5% the
past 12 months
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But….if you drill deeper…
Average Magazine Titles Read in Past 6 Months
19-24 year olds- 18.3
45-54 year olds- 16.7
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Meanwhile, 71% of 13-24 year olds still read magazines…
…58% of those said even if they can get the same information online
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YouTube serves 200 million videos
per day!
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common vision • uncommon experience • think discovery
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common vision • uncommon experience • think discovery
Don’t just do it because its ‘cool’
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ESPN Zone Restaurant ESPN Web Video ESPN Mobile
ESPN Cable ESPN Magazine ESPN Podcast
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Then why should you care?
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Worst Bank Ever.
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I'm going to tell you all a short story about the worst bank ever. To protect the innocent we'll just call this bank Tells Largo.
I am trying to close my account at Tells Largo. So far it has taken 7 days and 4 phone calls....and it's still open!!
I think there may be one competent person at Wells Fargo. Of course, I won't believe it until my acct is closed, which hasn't happened yet.
kellydJune 18-19, 2007
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chaztoo
Wells Fargo: Thanks so much for calling ME & putting ME on hold for 30 seconds before talking to me. Actually, eat a bowl of rats.
June 21, 2007
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common vision • uncommon experience • think discovery
1. Wachovia: $26.63 (0.99 overdrafts per account; $26.79 average fee)2. U.S. Bank: $22.42 (0.70 overdrafts per account; $31.85 average fee)3. Washington Mutual: $21.14 (0.76 overdrafts per account; $27.76 average fee)4. Bank of America: $15.19 (0.48 overdrafts per account; $31.41 average fee)
5. Wells Fargo: $12.42 (0.38 overdrafts per account; $32.59 average fee)
Tracking Overdraft Fees
June 14, 2007
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But you’re not Wells Fargo.
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common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
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common vision • uncommon experience • think discovery
DarrenBarefoot.com
I Wanted to Like Vancity, But Now I Loathe Them
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Unfair? Probably.
Important? Absolutely.
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‘No credit’ is not ‘bad credit’
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common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
Take Aways
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common vision • uncommon experience • think discovery
Take Aways
All departments, not just marketing
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common vision • uncommon experience • think discovery
Take Aways
New and/or rotating board members
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common vision • uncommon experience • think discovery
Take Aways
All aspects of media
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common vision • uncommon experience • think discovery
Take Aways
Young adults ARE profitable– 69% college students kept accounts at
same institution
– Biggest increase in new homers were under 25
– Lower cost of servicing
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common vision • uncommon experience • think discovery
Take Aways
Lurk, participate,
THEN create
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common vision • uncommon experience • think discovery
Take Aways
Be open to criticism
(but be sure to respond)
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common vision • uncommon experience • think discovery
Take Aways
Work in progress, never finished
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common vision • uncommon experience • think discovery
Websites to check out• www.earlyearners.com• www.wesabe.com• www.zillow.com• www.espn.com
• www.coastalfcu.org/studentbanking• www.umpquabank.com• www.zopa.com
• blog.wellsfargo.com/StudentLoanDown/• blog.veritycu.com
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common vision • uncommon experience • think discovery
Questions?
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www.opensourcecu.com/discovery
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common vision • uncommon experience • think discovery
Contact InformationSpeaker Name: Bryan Sims Phone Number: 541-753-8546
Email Address: [email protected]
Speaker Name: Matt DeanPhone Number: 317-596-3537Email Address: [email protected]
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery
© CUNA Mutual Group 2007. Reproduction, adaptation or distribution without permission of CUNA Mutual is prohibited.
common vision • uncommon experience • think discovery