A Perfect Storm in the financial services marketplace for a personal financial management (PFM) tool
It certainly feels like a perfect storm is unfolding at the moment that we think provides an opportunity for financial organizations & professionals to provide clients with a personal financial management tool offering a Win/Win benefits.
This interesting infographic on the (mysterious?) Millennial Mind highlights how Millennials have a devotion to Authenticity, Community and Giving & comes by way of PSCU : The Millennial Mind
PSCU initiated a Make your Money Matter Movement recently to help leverage what they know about the Millennial generation to attract, engage & move millennials to Credit Unions. Based on what we know about Credit Unions and what we are learning about Millennials, that makes good sense. It seems to be paying off based on the results that PSCU has posted. It’s an interesting and insightful read.
There’s no question:Millennials (born between 1976 & 1994) think differently than older generations and they definitely have the buying power to be disruptive especially with their fresher attitudes towards living life in a friendlier manner and their preference for using technology to manage that life. PSCU summarizes it as “Millennials are drawn to business models in which extending the life and value of good s is a core tenet”
We like the way millennials think .
We can help financial service providers attract millennials with a technology offering to help them manage their busy financial lives going forward.
Credit Unions are trusted financial institutions with a legacy in financial services but like many financial organizations, they are facing more challenges than ever in the financial marketplace. A November 2013 survey of 547 Credit Unions was undertaken by Sundeep Kapur of Allied Solutions alongside the National Association of Federal Credit Unions (USA) to identify and look at some of those challenges. Regulatory Compliance is always a challenge.
But the results showed many of the challenges today are related to determining HOW TO:
Provide member value to last a lifetime
Grow Member relationships beyond an average of 2.5 products per member
Attract & retain members by creating deeper relationships
Increase both Self Service & Digital Channels & Connections with members
Help/Mentor members learn what they need to know
Compete with non traditional financial organizations
Do more with existing members (especially if they are using another partner currently)
Reduce marketing costs from an average of $9-$11 per consumer and/or receive specific or better return on that investment
Or In Summary: How to reduce costs, increase member engagement and drive incremental revenue because Credit Union Members want Convenience, Knowledge, Recognition, Services and Innovation while having higher expectations, questionable loyalty to a brand , and lower attention spans A Tall Order to be sure, but these are the key benefits that we truly believe LegacyTracker can help your Credit Union with.
If you would like to read the survey, you can download it here