Now, I’m sure that title scared many people right off the bat, but wouldn’t it be interesting to actually observe what our industry would look like if Gen Y’ers were suddenly in charge? Sure, there’s no way we would get everything right on our own, but just the thought of this really has my mind going today. What would we focus on? How would we generate revenues? Would the industry look different, and if so, how different? Let’s take a Gen Y journey into the credit union industry. You may want to close your eyes and use your imagination for a second. Wait a minute; if you did that you wouldn’t be reading! So, on second thought, keep your eyes open, but use your imagination!
The first stop on our journey is the local branch, but guess what? It’s not a stand alone, rather a branch in the local mall. Imagine how convenient that would be. Now let me be clear, this is not a strip mall, it is the largest mall in your local area. Tons of people are passing by the branch daily, which presents lots of opportunity for growth, and it is extremely convenient. Before we walk in, we notice a display of mannequins in the window wearing t-shirts that promote our latest campaign. Wow, is what we think to ourselves, having never witnessed something like this before! As we enter the branch, there is a coffee shop on the left serving coffee, snacks, and smoothies for members and non-members to purchase. This credit union partnered with a local coffee shop to offer this service in their branch, and reduce their operational overhead by sharing the space. As we stop to get coffee, we notice many people sitting, socializing, chatting about the latest news, and connecting to Wi-Fi using their mobile and computer devices.
We begin to walk a little further, and we are greeted by a Member Service Representative, who then directs us to a pod with an automated system to conduct our deposits and withdrawals. She lets us know that she is available to help us if needed. While conducting my withdrawal, my friend asked to open an account, and guess what? That same representative opens the account at a desk nearby. Wait a minute; we just realized that there is no such thing as Tellers, and New Account Specialists. There is only one position that does it all. There are about 4 of them in this branch walking around, and assisting members as they can.
While walking out of the branch, we notice that the coffee shop now has a group of people gathering for financial education. What a great way to create an environment to learn in!
Stay tuned for the next blog as we visit the Corporate Office of this Gen Y credit union.