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Ben Rogers Driver, CU Tomorrow Filene Research Institute

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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.

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slide1
Ben Rogers

Driver, CU Tomorrow

Filene Research Institute

slide4
47

Average age of

credit union member

slide6
$2,846

Average credit card

debt of a college senior

slide8
50%

Increase in bankruptcies among

young adults in past 10 years

slide10
0

30 Under 30 members who planned

a credit union career

-Filene Research Institute

slide12
25 - 42

Prime borrowing years

slide14
38%

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

-CUNA (2007)

slide16
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
slide29
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.
slide30
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
slide31
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
slide32
Young Adult Advisors

Best practices

  • Find an existing group
  • Offer a tangible incentive - Cash, gift card, “nice” dinner
  • Use personal invitations
slide33
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
slide34
Credit Card Consolidation

Advertising Simple Benefits

  • Lower monthly payments
  • Ability to pay off debt faster
  • Eliminating confusion
  • Paying only one bill
  • Lower interest rates
slide35
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?
slide36
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?
slide37
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
slide38
Transaction Accounts

Most popular features:

  • Online banking
  • Online bill pay
  • E-statements
  • Online tutorials
  • Affiliated credit card
  • Online account opening
slide39
Transaction Accounts

Differentiating features:

  • High rates
  • Reward points
  • Special debit card design
  • Mobile banking
slide40
Transaction Accounts

Best Practices

Avoid “teen” or “Gen Y” in title

slide41
Transaction Accounts

Best Practices

Offer tangible rewards

slide42
Transaction Accounts

Best Practices

Emphasize (and personalize) debit

slide43
Pillars of Change
  • Members
  • Employees
  • Volunteers
slide44
Members

Rethink commodity products

slide45
High-interest checking accounts

Electric Orange

“Remarkable” Checking

FreeTunes Checking

slide46
What do you give away?

Foreign ATM transactions?

Overdraft protection?

Savings prizes?

Online community?

Coffee?

Lounge space?

slide47
Employees

Rethink value proposition

slide49
Mission

Corporate Social Responsibility?

People helping people?

slide50
Glamour

Travel?

Access to senior leadership?

Decision-making?

slide51
Opportunity

What’s next?

Where have others gone?

Why are you growing?

slide52
Volunteers

Rethink recruiting

slide53
Advisory board?
  • New bylaws?
  • Term limits?
  • Nvohk
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