DEADWOOD, S.D. (10/10/13)--A panel of four business students advised regional credit unions on interacting with younger customers in Deadwood, S.D., yesterday.
A business student panel tells Credit Union Association of the Dakotas' member credit unions to help financially illiterate students and stress the credit union community development mantra during CUAD's New Ideas Conference in Deadwood, S.D. (Photo provided by the Credit Union Association of the Dakotas)
The panel--part of the New Ideas Conference for member credit unions of the Credit Union Association of the Dakotas--urged the audience to educate young people, rather than market to them.
With financial illiteracy rates inversely proportional to age, the quartet--three finance majors and a human resources and management major--said credit unions can stand out by being forthright with information, and remaining accessible and friendly to consumers with little knowledge of the financial sector.
The panel stressed that while students perceive credit unions as being more personal than big banks, they don't often see the two institutions as being significantly different, due to the fact that they offer similar services.
But while panel members emphasized that credit unions prioritizing honest business practices over marketing would win over younger customers, they also noted that social media outreach, online services and mobile banking are still important to their fellow students.