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Recruiting young board members can help CUs attract youth
AUSTIN, Texas (12/7/07)--Credit unions looking to recruit young members should start at the credit union board level, according to a Generation Y marketing consultant. Justin Ho, a 20-year-old board member at University of Southern California (USC) CU and a marketing consultant with Glatt Consulting, shared the importance of actively bringing youth into credit unions during the Credit Union National Association’s Your Essential Strategies (YES) Summit in Austin Wednesday. “The credit union movement will come to an end within a few generations if credit unions don’t make themselves relevant to this demographic,” Ho said. “The biggest wealth transfer in history is about to occur and credit unions need to take advantage of it.” After joining the Los Angeles-based USC CU board, Ho surveyed other board members to see how they thought the dynamics of the board had changed. His results indicated that young adults can be separated into three groups in regards to financial institutions: reward-seekers, those looking to build relationships, and those that are oblivious. The best place to target Generation Y is during the college years. Seven of every 10 college students keep the banking provider they use in college, Ho said. It’s important to reach out to this generation through the Internet. Generation Y uses the Internet more than any other generation, and online banking is the most popular finance web tool, he noted. To reach Generation Y, USC CU uses social networking through Facebook and offers free money management classes on campus.
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