Ben Rogers
Download
1 / 54

Filene CU Tomorrow - PowerPoint PPT Presentation


  • 292 Views
  • Uploaded on

Ben Rogers Driver, CU Tomorrow Filene Research Institute. Numbers. 47. 47. Average age of credit union member. $2,846. $2,846. Average credit card debt of a college senior. 50%. 50%. Increase in bankruptcies among young adults in past 10 years. 0. 0.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Filene CU Tomorrow' - benjamin


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Ben Rogers

Driver, CU Tomorrow

Filene Research Institute




47

Average age of

credit union member



$2,846

Average credit card

debt of a college senior



50%

Increase in bankruptcies among

young adults in past 10 years


0


0

30 Under 30 members who planned

a credit union career

-Filene Research Institute



25 - 42

Prime borrowing years



38%

Credit union members in prime borrowing years. Down from 55% in 1985.

-CUNA (2007)



47%

Percentage of 25-34 year-olds with an interest-bearing savings account.

-Beacon Economics (2004)






Business briefs
Business Briefs

Open-source, youth-oriented business plans for credit unions published monthly

  • Monthly business plans include research, program suggestions and case studies

  • Programs attract younger members, professionals and volunteers

  • Briefs announced at CUTomorrow.org, downloadable from Filene.org.


Business briefs1
Business Briefs

Open-source, youth-oriented business plans for credit unions published monthly

SCREEN CAPTURE FROM FILENE


Business briefs2
Business Briefs

  • Credit Card Consolidation Loans

  • Youth Advisory Program

  • College Recruiting

    Coming Up:

  • Youth-Focused Transaction Accounts

  • Using Google AdWords

  • Advisory Board Members


League partnerships
League Partnerships

Statewide collaboration to implement CU Tomorrow programs

  • CUs commit to implement several business brief ideas

  • Regular training and collaboration with partner CUs

  • Filene and the league liaison measure and disseminate results


Recruiting
Recruiting

Talented interns, new hires from top universities

  • Filene helps connect high-potential undergrads and MBAs with credit unions

  • Net Impact Partnership


Community
Community

CUTomorrow.org and Filene.org

for publications, idea sharing

  • Blog posts for ideas and updates several times per week

  • Discussion/comments around youth and credit unions

  • 30 Under 30 and league meetings


Minding the gap
Minding the Gap

30 Under 30 Ideas

  • Free foreign ATM transactions

  • Automatic text notifications

  • College application fees

  • Discounted loans


Minding the gap1
Minding the Gap

30 Under 30 Ideas

  • “Here I am” reminders

  • Account to Account transfers

  • NSF amnesty

  • Smart Score


Young Adult Advisors

  • Who: Decide on your target. This will be driven by your product needs and marketing opportunities.

    • 15-18 - Debit; small savings; credit cards

    • 18-24 - Credit cards; debit; auto loans; college loans; mortgage; consolidation loans.

    • 22-30 - Investment accounts; mortgage; HELOC; debit; auto loans.


Young Adult Advisors

  • Where: Depends on the age

    • At the credit union?

      • Older, with own transportation

      • If credit union is centrally located

    • School?

      • Relationship with administrators

      • Partner with a business class or club

      • Junion achievement or similar

    • Community center?

    • Partner organization’s site


Young Adult Advisors

  • When: Depends on the age.

    • After school or during a partner group’s activity for high school age

    • After work / over dinner for working adults

    • During class at community college. Target a marketing or business administration class


Young Adult Advisors

Best practices

  • Find an existing group

  • Offer a tangible incentive - Cash, gift card, “nice” dinner

  • Use personal invitations


Credit Card Consolidation

  • $2,864 - Average credit card debt of graduating college senior

  • Only 21% of undergraduates pay off their balance every month

  • Average graduating senior has six cards (CBS News, 2003)

  • Think Zopa / Prosper / Lending Club


Credit Card Consolidation

Advertising Simple Benefits

  • Lower monthly payments

  • Ability to pay off debt faster

  • Eliminating confusion

  • Paying only one bill

  • Lower interest rates


College Recruiting

Credit Union Advantage

  • Socially responsible employer

  • Opportunities to work with senior staff from day one

  • Travel for job-related training

  • Opportunities to influence strategy early on (MBA students)

  • Reasonable hours; good work/life balance

  • Education reimbursement?


College Recruiting

Credit Union Advantage

  • Socially responsible employer

  • Opportunities to work with senior staff from day one

  • Travel for job-related training

  • Opportunities to influence strategy early on (MBA students)

  • Reasonable hours; good work/life balance

  • Education reimbursement?


College Recruiting

Net Impact Partnership

  • Matching credit unions with talented business students

  • Chapters around the country, including ASU

  • Internships and jobs

  • Opportunities for Summer 2009 interns and hires


Transaction Accounts

Most popular features:

  • Online banking

  • Online bill pay

  • E-statements

  • Online tutorials

  • Affiliated credit card

  • Online account opening


Transaction Accounts

Differentiating features:

  • High rates

  • Reward points

  • Special debit card design

  • Mobile banking


Transaction Accounts

Best Practices

Avoid “teen” or “Gen Y” in title


Transaction Accounts

Best Practices

Offer tangible rewards


Transaction Accounts

Best Practices

Emphasize (and personalize) debit


Pillars of Change

  • Members

  • Employees

  • Volunteers


Members

Rethink commodity products


High-interest checking accounts

Electric Orange

“Remarkable” Checking

FreeTunes Checking


What do you give away?

Foreign ATM transactions?

Overdraft protection?

Savings prizes?

Online community?

Coffee?

Lounge space?


Employees

Rethink value proposition



Mission

Corporate Social Responsibility?

People helping people?


Glamour

Travel?

Access to senior leadership?

Decision-making?


Opportunity

What’s next?

Where have others gone?

Why are you growing?


Volunteers

Rethink recruiting




ad