Archive for January, 2009|Monthly archive page

Planes, Buggies, Letters, Email & Financial Services

The Credit Union Warrior (whom I am quite fond of) recently wrote “Unique Banking Needs? Hogwash.” and presents the theory that all this noise about Gen Y needing different and unique services is marketing mumbo jumbo.

We need loans, payment vehicles, investment vehicles, convenient access to our cash, and financial advice all at the best price possible…just like every other generation.

While I agree these are the basics, I cannot say they are the same as generations past. I believe that instant access to information has become a game changer and drastically effects how financial services are sought, delivered, and evaluated.

But isn’t it still just ‘loans’? Yeah…but isn’t flying ‘just’ transporting yourself from one location to another and yet the experience differs so much from driving (or horse and buggying…I’m guessing…might have to ask @rshevlin about that…) that they to hardly resemble each other.

And writing a personal email is ‘just’ communicating ideas in written form, but how different is that than sending a letter? (Both for better and worse.)

Given, flight and email are big time game changers, but so is this massive about of information we currently have at our fingertips. I’m not going to say that the use of this information breaks neatly down a generational line, but you can’t argue against it being here and being big.

If you think “We’re providing loans just like we have for the last 25/50 years” I’m afraid you’ll miss a large segment of your membership (and potential membership) that wouldn’t recognize a loan from 25 years ago if it were staring them in the face.