Any ideas to boost teenage and youth memberships in CU?
Recently, we designed a “sister” site for a Credit Union client which was geared toward teens, current youth members, or potential youth members. The design opted for a more non-traditional look with neon pastels and black colors featured prominently site-wide. While the design seems appropriate for such age groups, the content (provided by the Credit Union through our content management tool), possibly does not grab the attention of the youth investors or prospective members as well as it could.
While I don’t believe we need another “MySpace”-type viral experience jammed down young web saavy clients’ throats, I truly have been wondering aloud how to capture the attention of a generation whose attention is increasingly fractured by various entertainment (and hopefully educational) diversions.
As a developer for a company whose niche market includes smaller community-based or employer-based Credit Unions, it is simply not feasible to give away an iPod to each new member ages 16-21 who desposits $100 to begin their membership (though a cool idea). In a time where Credit Union numbers are shrinking , the drive to gather new memberships is integral to the vitality of the institution. Gone are the days when “Little Billy” joins the Credit Union because Mommy and Daddy have been Members for 30 years.
I would be extremely interested in comments regarding this topic and possiblly generating some ideas which would be helpful to developers and Credit Union Managment alike.
on June 5th, 2006 at 10:51 pm
Tough question!
I believe credit unions should steer clear of branding their websites with kids themes. Like you, we have clients who have “kids club” pages, and we do the best we can to make them as successful as possible, of course. And also like you, I question their effectiveness - especially over the long term. What’s cool with the kids today won’t be tomorrow. And when we try to “speak their language” they can spot it a mile away, just like we’d spot a pre-teen commenter on our blogs pretty quickly.
Before I reached my late teenage years, money management wasn’t at all on my mind - and I was probably more cash conscious than most of my friends. If I were younger than sixteen today, the very last website I’d willingly visit would be my credit union’s website.
I don’t have a problem with providing the information on kids/teens savings accounts, Coverdell accounts, first-time car loans, etc. If you’ve got a product, it should be well-represented on your website, no question. It’s the “let’s try to be cool” kids/teen themes that are largely a waste of time and design resources. They almost always come across as cheesy. Plus, once launched, most of the hits you get on those pages are probably from parents stumbling on the link while looking for product information for their kids anyway.
Ok, so here’s what I’d suggest. Provide learning links - calculators (useful no matter what age), common terms (again, useful), and of course, product/rate information on the products offered. Treat ‘em like adults and offer products that fit their needs, which their parents will be researching for them anyway (at least until their late teens).
Rather than pushing in-house marketing, you could instead encourage credit unions to partner with a third party to help reach the teens. The vendor I’d suggest is Brass|CU, hands down. Bryan’s print publication and website both hit the mark. I could name quite a few subscription services that don’t.
Great design on this blog, by the way. Was happy to find it!
on June 6th, 2006 at 12:59 pm
CU’s will struggle with the generational differences in the membership base for the next few decades until technology becomes more common. Some boomers can use the internet, but most of the older generations are not technology driven.
Most of the 16-24 year olds use the internet everyday and expect a well designed, fluid website for their usage. I believe the credit unions that will succeed in the future will be able to create a website and an online banking experience that succesfully harnesses the most current web trends but is still usable by the older generation. I’m not sure if that means two different frontends for members to use, or just a single site, if it is even possible.
on June 6th, 2006 at 4:17 pm
Trey: I appreciate the kind words and useful suggestions. I am new to the blogosphere (yes, an overly cliched term) I think some of the ideas you’ve presented recently in your blogs have spurred me to think more seriously about how we (mostly myself) have treated our clients. It also has seemed to inspire Robbie’s site (which I read for the first time today). Right about now, you could be dubbed “a proud papa” for your inspirations to us both - ha.
Working for a vendor which often does not seem to value my team’s Web Design and creative services (mainly because it is not what makes the company the most money), in the past I have often taken a laissez-faire approach to what my small department provides our clients. I think starting this blog and focusing on a true “Getting Real” approach (yes, I am a trendy 37signals fanboy) to our Credit Union site design and web application development are a shift in a positive and proactive direction.
Robbie: I enjoyed perusing your site for the first time. It will be intriguing to follow your take from the “inside” as an actual CU employee. Keep giving us some insights into how your Credit Union operates - we appreciate the “sneak peek.” Take care.
on August 1st, 2006 at 11:40 am
Having an effecitive website is only part of the solution. In my opinion the most important aspect involves providing unique products and services that actually meet the needs of the demographic. Simply re-packaging current products and services with a young adult theme is not the answer. Innovative credit and loan products with attractive terms for a young adult with limited income coupled with a financial literacy component. Instead of offering the same “free checking” and “Student Visa” programs that all financial institutions have, credit unions should differentiate themselves from the masses with different products and services. How about a young adult ambassador program, where someone of the demographic is available to answer questions and guide young adult members? Another way to differentiate credit unions from the rest of the herd involves getting back to the credit union philosophy of people helping people. If you aren’t able to give a young adult a particular service, don’t just show them the door. Sit down and talk with them… “we could’nt offer this loan at the moment, and this is why…. but let’s talk about what we can do to get you that loan in a few months time… let’s start a savings account, make sure you pay down this debt, and continue paying your bills on time…” Now that’s service, and that type of service demonstrates the true heart of credit unions. “Not for profit, not for charity, but for service.”
on February 20th, 2008 at 12:44 pm
I work for a company called PAYjr ( www.payjr.com ). We provide an innovative set of capabilities to CUs. Our products include a branded online chore and allowance program and a Visa Buxx prepaid debit card which can be tied to the chore and allowance program. Member parents and their children can use this program to track and manage chores, among other uses. This helps parents start to teach their children the value of money in relation to work, and is a system that provides hands-on financial education to kids and teens. By passing this service on to members, CUs will be able to serve youth members in a meaningful way.
Ultimately, we help credit unions become relevant to youth and to help instill principles of financial education in their youth members. CUs have a much better opportunity to engage perspective members by offering a platform for money management under their own CU brand. And, our goal is to serve both sides.
We would love any feedback folks may have about what we’re doing. We’re open to collaboration, as well. Please tell us what you think.