NEW YORK-Credit unions too often have assumptions about members that are rooted in "old standards" and not "facts," according to one industry insider.
David Polet, director of CUNA Mutual Group's Voice of Customer division told Americas Credit Union Conference that research done by CUNA Mutual has found 88% of members have relationships with other financial institutions and that means, "for at least part of how members think about finances, credit unions are not the preferred option."
Among the assumptions challenged by the research:
* 60% of Gen Y members are saving for college for their children.
* 71% of Gen Y members began planning for retirement before they were 26 years old.
"We can't keep making marketing decisions based on prejudices," said Polet. "There are a lot of pressures on credit unions to gain market share, and research shows if credit unions aren't out in front of members to showcase what you have to offer, they will look elsewhere."
Another change: consumers' preferences for finding financial products has gone from call center-focused to almost exclusively online, with 86% of consumers using the Internet as part of their life insurance purchases, and 33% of consumers working through a call center/local agent for insurance purchases.
"When planning strategies, credit union marketers need to ask themselves: 'Why would my members or potential members get a loan from us? What do I have to offer that's meaningful to them?' "
