How Credit Union Leaders Can Grow Business With Generation Y As Clients and Employees

I have just returned from New York where I delivered research and insight on how credit union leaders can lead change in a fast paced, technological and multi-generational workplace.

I had the privilege of sharing from the contents of my book, at the Executive Series breakfast and then in the afternoon delivered a session in the thought leaders program on how credit union leaders can lead change to grow business.

I get pretty excited about the potential for credit unions in this new economy. You see never before has there been massive opportunities for credit unions to prosper than right now. Big banks struggle with turning their ships in these changing economic times, they are just now working to build communities with their clients.

In contrast Credit Unions have always been founded on ‘clients as members’ and that each member is part of a community.

Seth Godin the author of Tribes talks about the future in business success will rely on businesses ability to build tribes and attract and keep avid fans. Credit Unions have been working on this premise for years.

The challenge however for some credit union leaders is to harness the positive impact of technology and generation Y to drive business forward.

This is not the time for status quo or attitudes of “if it ain’t broke don’t fix it”, rather we need leaders who are willing to see the reality of the new market and rather than resist it step up with excitement and creativity to build a new future for credit unions in North America.

Right now Generation Y is the second largest demographic after the Zoomers (I know Gen X it’s sad but true) and Generation Y stands to have over one trillion dollars of inherited assets by the year 2030.

From a member standpoint credit unions need to be forming their relationships with this market sooner than later. The needs of Gen Y clients are different than others, for instance they are not so interested in ownership. In the USA Today on Monday July 1st, 2013 on the front page was an article about Gen Y not interested in borrowing to buy a car or a house rather they are borrowing for education.

What does this mean for lending? It means looking at creative ways to meet the values of this market.

Generation Y are interested in investing in philanthropic products for those that have money to invest and they are interested in being given financial education through apps, texting and more.

Not only are Gen Y’s a tech savvy and relationship focused generation but in my opinion they are leading the changes in the workplace for a more egalitarian approach.

In order to meet Gen Y client needs credit unions need Gen Y employees to provide the ideas, the focus group content and the creativity to better meet the Gen Y market needs.

It’s not to say that Zoomers or Gen X can’t do this but in order to meet the needs of clients we don’t know we need to get to know those clients.

Progressive credit unions are harnessing the creativity of their Gen Y employees by rewarding them for ideas that generation more attraction of members. The increasing use of social media helps to attract Gen Y’s as does the use of video, gaming and texting.

Email marketing is not as effective with Gen Y as is personalized text message marketing.

As a credit union leader who may be reading this and are a Zoomer or a Gen X there is an opportunity to infuse the business strategy with a focus on engaging Gen Y as both members and as employees.

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Benefit From Joining the Navy Federal Credit Union

If you are tired of paying exorbitant interest rates for your credit cards and loans or you need a debt consolidation and loan refinance, the Navy Federal Credit Union is an option you need to examine. It is the best alternative to all financial institutions, because it is the largest credit union in the US and the world and one of the most credible institutions you can find. It is a non-profit institution and opposite from the banks charges less for all products and services. It is not owned by a particular manager, but co-owned by its members, thus there are no high rates and bonuses for managers and other executives.

The Navy Federal Credit Union started in 1933, when the US was going through some harsh financial periods. Since then, this credit union has been growing and expanding, becoming today the most important credit union in the world. It features approximately 2,5 million members and new members can join even if they are not working in the Army and any military force. For those who have joined the army, it is by default the best financial institution to be.

They offers a large array of products and services to its members, such as home and car loans, personal and education loans, checking and saving accounts, insurance and pretty much everything you might need. Moreover, one of the basic benefits offered to you is the possibility to attend instructional and educational seminars on several financial issues, such as buying a house or making some investment. When attending these seminars you have the chance to get to know the formalities and procedures required in several everyday issues. And the best part is that these seminars are offered for free to the members of the Union.

For those in the Army and Military Forces, there are also additional services provided by the Navy Federal Credit Union. These services aim at educating the people that work in the Army on issues and procedures regarding their profession.

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Pay for College Easier With Help From a Credit Union

Paying for college is difficult, even when you’ve been saving money for years. The average continued education program costs well over $20,000. The cost can be even more substantial if you plan on going to a 4-year university rather than a traditional 2-year community college. A credit union can help you in many ways, especially when you have concerns about how you are going to pay your continued education. The following are three options you can take advantage of to lighten your financial burden.

Apply for Grants and Financial Aid

Grants, scholarships, and financial aid can help you pay for a large portion of your post-secondary education. Often, most of these funds don’t need to be paid back, especially if your family is in a lower income bracket. The schools you plan on attending can help you pick the right applications to help lower your costs.

If you need to, you can also apply for a loan via your school. The rates to pay the loan back are often low, and payments can be stretched out for many years. A credit union can make recommendations as to how you can use grants and financial aid services to help pay for your schooling.

Apply for a Special Loan

For your schooling, you may need additional funds. A credit union has a private lending solution you can take advantage of to help with the remaining costs. You will need your annual income and any resources you have to show your debt-to-income ratio. Rates will vary depending on how much money you need and what your credit rating is. If you have no credit history, the company can help you build one with debit or credit card programs.

Work and Loans

Post-secondary education takes a lot of your time, but a part-time job while you are getting your studies done can increase your budget. A credit union can help you set up a savings account or checking account that builds interest. Working while in college also helps build your resume for when you graduate, which can lead to a better-paying job.

Paying for your education is never easy, and a credit union understands this. Their goal is to help you with all your financial needs so you can get the degree you want without worrying about money. They work with you to utilize your college’s financial assistance, can provide a loan to you themselves, and can help you put your earnings in a savings account.

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