Credit Unions Gain Insight into
Gen Y Money Matters at Projectnewage.com
PSCU Financial Services’ Educational Web Site
Showcases Gen Y Financial Needs, Preferences
St. Petersburg, FL, April 1, 2008 – Credit unions can gain insight into Gen Y financial preferences at www.Projectnewage.com. PSCU Financial Services is equipping credit unions with valuable information and insights that can help them attract and serve Gen Y through this educational web site.
The cooperative has supported research into the financial habits and preferences of Gen Y and is committed to helping the credit union industry earn the loyalty of this generation of 79 million young adults, according to John Pembroke, Chief Marketing Officer, PSCU Financial Services.
“Attracting Gen Y members is critical to the long-term success of credit unions,” Pembroke said. “Credit unions need to reach out to this generation while they are in their early teens, from 12-15 years of age, because studies show they have already established long-term financial relationships by their early 20s.”
The Project New Age web site provides detailed and sometimes surprising information about the financial preferences of Gen Yers. They value interest rates over other factors when evaluating credit cards, for example, so credit unions should emphasize their competitive rates when marketing to Gen Y. Credit unions should also make sure their rewards program addresses Gen Y attitudes—these young adults value merchandise from catalogs over airline miles or cash back.
The financial industry expects Gen Yers to be avid online consumers and they are almost twice as likely as the average consumer to apply for a credit card or open an account online (Javelin Research, August, December 2007). However credit unions need to support all channels in serving this member segment because more than 90 percent of Gen Y members have visited a branch within the last 12 months and 59 percent have used an automated telephone system.
In addition to providing valuable insights into Gen Y’s financial preferences and habits, the Project New Age web site showcases information about brand and media preferences and how Gen Yers use blogs, social networks, and viral communications to share information and develop affinities with financial institutions and other companies. In addition, the site features products and services that specifically appeal to young adults including: online bill pay, gift and reloadable prepaid cards, online account enrollment, and digital plastics with customized graphics. For more information, visit Projectnewage.com or contact PSCU Financial Services at projectnewage@pscufs.com.
About PSCU Financial Services
Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 500 member credit unions representing over 11 million cardholder accounts and more than 580,000 online bill payment subscribers. Its Contact Center handles more than 14 million inquiries a year. PSCU Financial Services maintains an Eastern operations center in St. Petersburg, Florida, and a Western operations center based in Phoenix, Arizona. The cooperative’s wholly owned subsidiary, Digital Dialogue, operates two 24/7 call centers in Detroit, Mich., that specialize in member services, new member acquisition, cross-selling and automated lending solutions.
Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at www.pscufs.com.
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