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CUNA Mutual Group Proprietary
Reproduction, Adaptation or Distribution Prohibited
© 2014 CUNA Mutual Group, All Rights Reserved.
Presented by David Lockhart
Sales Manager, Lending Solutions
CUNA Mutual Group
Targeting Americas
Biggest Market.
Millenials
2
My Millenial
3
Hula Popper
4
The Demographic Driving Lending Disruption
Millennials:
• Are the largest population cohort in US history
• Will outnumber boomers 78 million to 56 million by
2030
• Are in their prime borrowing years
• Are 10 times more likely than boomers to consider
using P2P lenders
• Account for most of the traffic in digital banking
channels
• Are the most likely demographic to embrace mobile
payments
5
A S W I T H O T H E R
G E N E R AT I O N S,
FA M I L I E S A N D K I D S
A R E C R I T I CA L , BU T
M I L L E N N I A L S A R E
M O R E C O N C E R N E D
W I T H F IN A N C IA L
S TA B IL IT Y 60% report l iving
paycheck to paycheck
Source: CUNA Mutual Group Consumer Survey; 2015
6
Wisdom of the crowd: Burning Questions, interconnected issues
7
Do you have a Social Media strategy?
8
BU T T H I S A L S O
O FFE R S A L A R G E
O P P O RT U N IT Y I N
T H E F I N A N C I A L
I N D U S T RY A S T H E Y
A R E E X T R E M E LY
O P E N T O A DV I C E
A N D G U I D A N C E
O N F I N A N C I A L
M AT T E R S
84% of Mil lennials
indicate they would
value advice or guidance
when it comes to
f inancial decisions
Source: What Matters Now: Insights from Millennials; CUNA Mutual Group; Feb 2016
9
How are you providing Financial Wisdom to Millennial's?
10
Millenials 1st Mortgage Reasoning
11
Engage members early…Win their CU Moment before they get to the dealership
Source:ThinkwithGoogle.com
12
Here are some ways to Target Millennials
13
What are folks aged 34 and under doing right now?
• Graduating College
• Launching into their first careers
• Streaming on their laptops versus paying for cable
• Trading in their rusty 1999 Buick Regal (which is now 18 years old)
• Finding the love of their life, getting married and combining checking accounts
• Having kids
• Buying their first homes
• Trading in their sports car for a mini van
• Seeking advice and guidance to set aside funds for retirement and kids college
• Starting their own companies
14
A c q u i s i t i o n o f M i l l e n n i a l m e m b e r s i s a c r i t i c a l
o b j e c t ive i n t h a t s o f a r, C re d i t U n i o n s h ave n o t
p e n e tra te d th e M i l l e n n i a l m a rke t we l l
of Millennials use a
credit union for their
primary account
of Millennials have any credit
card, investment or loan
through a credit union
14% 25% #1
reason Millennials don’t
use a credit union is that
“I don’t know much
about them”
Source: U.S. Yankelovich MONITOR; 2015
Source: What Matters Now: Insights from Millennials; CUNA Mutual Group; Feb 2016
15
Millennials FI Preference in the future
16
Don’t ignore Gen X…Reasons CU’s should focus on Gen X Moms
1. They have a brand loyalty rate of over 50%!
2. They use both traditional and new media
3. They have the most spending power
4. They are most influential in sharing brand opinions on Social Media
5. They are primetime in their income
6. They notice
7. They need help even though they are SUPER MOMS!
1717
Review
1818
Review
1919
Review
2020
Taken from PFS Body, 2013
21
Popular Fitness Apps
22
Consumer Lending Strategies – Reduce Friction
REACTIVE
PROACTIVE
PREEMPTIVE
SIT AND WAIT o Initiated by Member
o Application required
ASK FOR THE BUSINESSo Promotions (seasonal or need driven)
o Targeted pre-approvals & pre-qualifications
o New account cross-sell (application required)
EMPOWER THE MEMBERo Comprehensive Pre-Screened Lending
(CPL)o NO Applications
o Perpetual loan approval
statuso Multi-product
o Omni-channel
o Member-centric
• Online applications
• Instant approval
• Rate competition
• Little differentiation
• Little/no competitive
advantage
• “Spray & Pray” marketing
initiatives
• Advertising & promotions
• Teaser rates & incentives
• Segmentation & targeting
strategies
• “Instant” applications w/ cross
sell
• Constant/consistent
messaging
• All touch points
• All direct channels
• Instantly actionable
response
23
Member Data = Opportunities
24
Consumer Personas at a Glance
25
26
Elements of Change
27
Questions
CUNA Mutual Group Proprietary
Reproduction, Adaptation or Distribution Prohibited
© 2014 CUNA Mutual Group, All Rights Reserved.
Thank you!
•David Lockhart
•CUNA Mutual Group
•608 665-7437