Welcome Reality Check Reaching 18 -34 Welcome

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Welcome Reality Check Reaching 18 -34

Reaching 18 – 34 • • • Gen X, Gen Y and ? What we seem to expect? What makes them tick? The New Gen Y Product development What BIG-Bank is doing? What are others doing to reach Gen Y +? What can Credit Unions do? Wrap up

Gen X, Gen Y and… Hip, Dark, Edgy

Gen X, Gen Y and… But!

Gen X, Gen Y and… Violent? Drug heads? Pregnant teens? Interdependent?

Gen X, Gen Y and… • Violent crime reduced from 1992/93 peak – 50% • School shootings curbed by more than half • Casual Sex “hookups” decline – virginity on the rise • Smoking, drinking and drug use – declining • Gallup reports 90% of teens very close to parents – more than 40% of boomers state that they’d be better off without parents. • Suicide rates fallen significantly from 1998 -04 all-time high

Gen X, Gen Y and… Moving from downbeat and alienated to upbeat and engaged

Gen X, Gen Y and… Cause marketers, listen up: Volunteerism among college freshmen is up. A University of California survey of college freshmen from fall 2001 showed an all-time high of 86. 2% of students who reportedly engaged in volunteer work, compared to 66% in 1989. Volunteerism up 20. 2%

Gen X, Gen Y and… Teens now form the largest religious age bracket. Church attendance among youth up nearly 10% since 1995.

Gen X, Gen Y and… So who are they?

Gen X, Gen Y and… • Near Zero Generation gap • Parent-youth co-purchase decisions common • Parent Heroes • Retain close parental bonds – consult parents • Trash-talk pop culture loosens grip • The ordinary Avril Lavigne over Star studded/racy Britney • The slacker is passé • Group oriented – help me become we • Leave no one behind

Gen X, Gen Y and… Translated

Gen X, Gen Y and… • Confident • Hopeful • Goal and achievement oriented • Civic minded • Inclusive

Gen X, Gen Y and… Who are we left with?

Gen X, Gen Y and… GEN X SQUARED

Millennials Introducing the Millennials

Millennials He was a boy, she was a girl Can I make it anymore obvious? He was a punk, she did ballet What more can I say? He wanted her, she'd never tell Secretly she wanted him as well But all of her friends, stuck up their nose They had a problem of his baggy clothes. . .

Millennials He was a sk 8 ter boy She said "Cya later boy "He wasn't good enough for her She had a pretty face But her head was up in space She needed to come back down to earth

Millennials Five years from now, she sits at home Feeding the baby, she's all alone She turns on T. V. and guess who she sees Sk 8 ter boy rocking on Mtv She calls up her friends, they already know And they've all got tickets to see his show She tags along, stands in the crowd Looks up at the man that she turned down Sk 8 ter Boy, Avril Lavigne

Millennials So why the change? • 9/11 • Tsunami • Katrina • Increased fuel prices • Janet Jackson’s Wardrobe malfunction at the 2004 Super. Bowl

Millennials Are these Millennials recoiling into the fetal position?

Millennials What makes these Millennials comfortable? We have a theory!

Millennials Shopping Millennials are a marketer's dream – they'll buy simply because it is cool to do so.

$$$ $$$ • Don’t get money-handling, yet totally get debit • And debt (student loans) – We owe $10 trillion – Cramps our freedom – Clouds our optimism • Want safety-nets, brands that allow us to make our own decisions • We want to help shape your brand, you should want our respect

We want from you … • • • Authenticity Boldness Consistent connectivity Relationships built over time Language that’s plain and fair

Product Management • • • Family Flexibility Alternative suppliers or partners Connect all the time Deepen/develop the relationship over time What Big-Bank can’t do

Family • Provide online tools for needs & desires (home ownership, causecontribution, saving for “big trip”, or combo • Low-value client-base because not deep relationships yet – But you want to capture their loyalty early – Determine their longer term potential • Finding the potential high-value, or long-term value: what are the predictors? – What their family looks like? – What education they’re getting? – How they’ve “managed” their early relationship with you? – Their credit-rating?

Flexibility • Self-employment … in & out of relationships (self, partial self, job) • Flexibility through: – – One product does all (ING mortgage) One piece of security for all the loans no matter the purpose Add-on features so I build as I go Choice choice – – Choose my own loyalty: points for me, points for others/orgs, rebates, Be careful if you reward referrals • Adapts to where they’re at … (right prod to right segment at right time) • Core product tweakable with features • Family/community products that work together, allow me to link up • JV with non-FI to build something that works together (phone-co & fi)? • Put different front-ends on products so they align with who I am • Reward my loyalty:

Keep it flexible, their choice

Connect all the time • Constant connectivity • Move features around within product • Easy switch to similar product as needs change … likely doesn’t feel like a switch • No penalty for move around within Your. Co • Device-free (phone, text, ATM, web) • Self-employed isn’t separate • Also connected to other users, how they use it, when they use it

Alternative suppliers/partners • Make it easy for family to provide funding, assistance, advice • Pay-day loans • Align with non-banks that: – Do family, flexibility, connect, deepen – Leverage their brand – Co-build interesting products to work together

Develop over time • Ability to add on features – And easily remove others • Reward: – Depth of relationship – Tenure – Referrals • As they grow from teen to recent grad to traveler to house-buyer to young family • Give advice, what are their peers doing (polls), how are they using your services

Banks are all the same • All demographic groups declining sense of trust in big organizations • Heavily urban: can’t understand “small” better, like small bus, small town, small savings, small loan (be careful of too much “small”) • Don’t provide transparency, not easy to deal with, all about forms, fees obvious and as low as possible, show where the value is.

Banks are all the same • The web levels the playing-field and gives measurability/responsiveness – They can’t manage or leverage in the same way you can – What’s working today, this minute, how this change affects response • Community-based can appeal to their sense of … things to agree on, connectivity, safety-net • Small Business have simple needs (chequing account, nightdeposit, debit card, credit card) and don’t want personal too separate if at all – Banks struggle to connect with individual – Have a long-standing reputation of not being able to do so

Sometimes banks get it… a bit

CU can do saftey-net • Community be it local or “new” community can leverage sister-organization like union, government workers, town • Likely know their parents, extended family – Can facilitate advice-giving and helping-hand – Can connect the dots because you know them – Less need for capital-intensive infrastructure • They’ll tell you needs through data, polls, chats: – Where they’re headed, what they want/expect – Build this into your product-development cycle

NDP on bank mergers • • Community reinvestment Transparency & accountability Community-based access Credit-card fairness Small business loans Consumer protection and payday lenders Job protection Judy Wasylycia-Leis NDP Finance Critic August 12, 2005

They want from you … • • • Authenticity Boldness Consistent connectivity Relationships built over time Language that’s plain and fair

Big Bank What are Banks doing to speak to Millennials?

Big Bank Taking the ‘B’ word out of the brand!

Big Bank • Harris Bank – Now Harris – 190 Branches • Bank One – Now Chase – 1, 900 Branches • Citibank – Now Citi – for credit card and mortgage business

Big Bank Why? The b-word found to NOT be necessary for customer loyalty or business. “all it does is limit what you have in your mind about us – it positioned us as a retail bank when we offer so much more” Jen Dillion, Harris

Big Bank “Bank has traditional connotations. Gen X, Gen Y and others have a different approach to money. ” Tracy Mills, American Banking Association

Big Bank “Dropping the word 'bank' seems like a little move but it really is a culture change – it's telling their customers 'We're not a bank, we're a store. ” Bill Mc. Cracken, Synergistics Research Corp.

Big Bank We're A Store?

Big Bank

Big Bank USBank, Bank Atlantic, Umpqua Bank, Washington Mutual are doing just that. And guess where else they are getting their cues from?

Big Bank

Big Bank Not only Victoria’s Secret and Mc. Donald’s but Home Depot, Starbucks, Target and Old Navy

Big Bank

Big Bank “Bankers are starting to think more like retailers – that includes longer hours, friendly-teller training, and 'How can we turn a foreboding teller counter into a please-come-in-and-linger atmosphere? ” The Mc. Donald's-Nordstrom mentality is starting to permeate the banking industry. ” Bill Mc. Cracken, Synergistics Research Corp

Big Bank Commerce – America’s Most Convenient Bank • Offers free coin-counting machines • Free personal checking • Seven-days-a-week banking • Greeters in its branches It also pays for research gleaned by thousands of ``mystery shoppers, '' a technique borrowed from retailers.

Big Bank Washington Mutual Inc. , – Wa. Mu, another champion of casual. • Youthful “concierges” wearing khaki pants and bank-logo T-shirts • 2, 000 U. S. “retail banking stores”

Big Bank Umpqua, West Coast version of Commerce • Branches referred to as community centers. • Neighborhood gathering spot • It serves its own brand of coffee, • Offers newspapers and periodicals to read, • Hands out an Umpqua chocolate with each receipt • Has a CD-burning machine in the lobby for customers to download songs onto a customized Umpqua CD.

How are others speaking to Millennials? What you are about to see! Warning: Unless you are a Millennial (or weird) you may not get it This is NOT traditional advertising or media - your reactions should be similar Solo, Diesel, L’Oreal, Coke and Converse are doing it - so can your Credit Union This is almost too weird for us