The Federal Credit Union September-October 2013 - (Page 4)

from the chair Engaging and Educating the Next Generation of Members By Mike Parsons, NAFCU Chair A s the school bell rings, it is a signal for you to consider how your credit union is preparing to meet the needs of and attract the next generation. Given this fast-paced world of smartphones, blogs, interactive apps and texting, there is no time like the present to both engage and serve today’s young adults. While some credit unions have already ramped up Facebook pages and Twitter accounts to relay news of their latest credit card offerings or low-fee checking accounts, this might not be enough to secure a new generation of members. While the latest technology makes it easy to reach the millennials — the young adults of today — most every other industry has caught on to this as well, and as a result, they have seen and heard it all when it comes to advertising ploys. However, they are no different than their elders in wanting the answer to the age-old question: “What’s in it for me?” Credit unions need to be able to answer that question with more than savings and checking accounts and low-interest credit cards. Put yourself in their shoes. What did you need most before and after going to college, buying a new car or starting your family? Sound financial planning and advice. If we hope to promote a new generation of responsible and successful members, we need to educate them. They need to know the ins and outs of different types of loans and how credit can help — and also hurt — future endeavors. By ensuring they make successful decisions with their resources, you are securing a member for life. To reach this new generation you have to adapt to their habits, and social media is a good place to start. It’s not hard to create a Facebook page or a Twitter account for your credit union. Bethpage, N.Y.-based Bethpage Federal Credit Union’s Facebook page allows members to not only interact with each other, but participate in contests and drawings, read advice on mortgages and learn about special financing offers. South Carolina Federal Credit Union in North Charleston, S.C., has a blog on its website that features everything from tips on college loans and best times to purchase airline tickets to funny, engaging videos and tips on how to save and budget for the future — all written from the perspective of a 20-something. The website of Endicott, N.Y.-based Visions Federal Credit Union explains student loans while providing fun and interactive financial literacy games. The credit union correctly states that good credit habits begin early. You can even enlist this generation’s help in creating your marketing campaigns. As part of its scholarship application last year, Transportation Federal Credit Union in Washington, D.C., created a video challenge that asked any member of a Maryland- or D.C.-based credit union who was entering a four-year college to apply by making a commercial for a credit union, targeted at college-aged students. We should be eager and excited to position the millennial generation — our future leaders — on the path to success. By doing so, we are protecting our industry’s future by building a pathway for loyal members. If we hope to promote a new generation of responsible and successful members, we need to educate them. 4 The Federal CrediT Union September–OctOber 2013

Table of Contents for the Digital Edition of The Federal Credit Union September-October 2013

Voices & Opinions
Fromt the Chair
Inside NAFCU
Technology Today
What You Need to Know Now About EMV
core Competency
In Case of Emergency
Delivering for Dealers
Getting to Know...
Management Insight
Compliance Central
Inside NAFCU Services
From the President's Desk

The Federal Credit Union September-October 2013