© 2008 Market Insights, Inc.
THE GREAT DEMOGRAPHIC
FINANCIAL SERVICE CENTERS COOPERATIVE
2008 CREDIT UNION RETAIL DELIVERY CONVENTION
DIVIDE
JOE SULLIVAN
312-961-0188
© 2008 Market Insights, Inc.
GEN Y
BOOMERS
• Twenty-somethings and teenagers
• Second Largest Demographic Age Group
• Tech-savvy & Connected
• Entry-level Financial Needs
• 44 – 62 years old
• Largest Demographic Age Group
• Lucrative Members
• Diverse & Sophisticated Financial Needs
© 2008 Market Insights, Inc.
THE DIVIDE
Source: Who Are the Millennials? a.k.a. Generation YDeloitte Consulting 2005
© 2008 Market Insights, Inc.
47
© 2008 Market Insights, Inc.
”
“Not planning for the long term with respect to Gen Y will leave banks and credit unions in the same position they find themselves in today, fighting for short term profits.
Javelin Strategy and Research Generation Y Banking Behaviors and Attitudes
© 2008 Market Insights, Inc.
NEEDS, VALUES & PREFERENCES
• access
• convenience
• simplicity & ease of use
• flexibility
• authenticity
GEN Y
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
TARGETING GEN Y REQUIRES
STRATEGIC CHOICES
but also requires attention to your:
• MARKET
• PRODUCTS & SERVICES
• BRAND POSITION & MARKETING
• PEOPLE
about your delivery network
© 2008 Market Insights, Inc.
KNOW YOUR MARKET
Younger Years Segments Code Members Market11% 8%120 1,42812% 21%123 3,7799% 14%91 2,543
Point 1 - Overland Park
Young Up & Comers
Metro Mainstream
Fiscal Fledglings
Y1
Y2
Y3
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
© 2008 Market Insights, Inc.
REMEMBER, TARGETING GEN Y REQUIRES
STRATEGIC CHOICES • PRODUCT & SERVICES
• BRAND POSITION & MARKETING
• PEOPLE
• DELIVERY
© 2008 Market Insights, Inc.
KNOW YOUR MARKET