Gen Y Financial Services Presentation

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    Gen Y Financial Services Presentation - Presentation Transcript

    1. Content provided in this presentation are the sole property of brass|MEDIA Inc. and shall not be used for reproduction or redistribution without the express permission of brass|MEDIA Inc. Bryan Sims, CEO
    2. Understanding Young Adults
      • Generation Y- defined as born 1978-1998
      • Teens and Young Adults influence $324 billion
      • Spend over $100 a week typically
      • Expected to inherit $17.8 trillion
        • Over 30 times the size of CU industry assets
      • We have a serious problem
    3. The Problem
      • Average age has risen from 40 to 47
      • 26% of 18-24 year olds belong to CUs
        • Compared to 36% of the general population
      • 1 in 8 CUs actively markets to 18-25 year olds
      • Have ‘accounts’ not ‘members’
    4. The Problem
    5.  
    6.  
    7. Source: CUNA Research Services’ 2004 National Consumer Survey
    8. Source: CUNA Research Services’ 2004 National Consumer Survey
    9. Source: CUNA Research Services’ 2004 National Consumer Survey 22% 42%
      • What message are we sending?
    10. Changing Times
    11.  
    12.  
      • Which would you join?
      Which would you join?
      • Demographics
    13. Demographics
      • 46% of total US population growth will come from 3 states, California, Texas and Florida
      • By 2016 Florida will overtake New York as 3 rd largest state
      • Minorities will make up 1/3 population by 2016
      • 12-20 million illegal immigrants
      • Hispanics, now 1 in 7, will be 1 in 4
    14. Demographics
      • Women make up 58% of undergrad population and this number is rising
      • According to some studies, a woman born after 1980 is likely to take care of her mother longer than her own children
      • Parents (baby boomers) will move in with single parents, due to aging population, increased housing costs, and need for child-care, creating 3 rd and 4 th generation family dynamics
      • Transfer of Assets
    15. Transfer of Assets
      • Families and household relationships are key
      • 82% of young adults whose parents had account have one
        • Balances are almost twice as large
      • 74% of parents more concerned about money, than “drugs or alcohol”
    16.  
    17.  
    18.  
      • Entrepreneurship
    19. Entrepreneurship
    20. Entrepreneurship
      • Ebay
        • 724,000 primary or secondary income
        • 1.5 million supplement their income
    21. Entrepreneurship
      • Ebay
        • 724,000 primary or secondary income
        • 1.5 million supplement their income
      • In processing interviews in New York City Family Court, kids still say they want most to be NBA basketball players.
    22. Entrepreneurship
      • Ebay
        • 724,000 primary or secondary income
        • 1.5 million supplement their income
      • In processing interviews in New York City Family Court, kids still say they want most to be NBA basketball players.
        • The second most frequent response is "to be an entrepreneur."
    23.  
      • Socially Driven
    24. Charity/Social Drive
      • $926 million- donations from 8-18 year olds in 2004
      • 86% consumers say they are likely to switch brands associated with a good cause given all things equal
        • 50% are willing to pay 5-10% more
      • 58% of Americans will purchase products that donate a percentage to causes
    25. Charity/Social Drive
      • Target Guest Card-
        • Customers donate 1% of purchase to local school of their choice
        • On school web sites, “If you shop at Target, please consider designating Sanford Middle School as your choice for giving.”
        • Target opened 11 million accounts and schools got $23 million
    26.  
      • Or maybe it’s lack of image
      • Changing Media World
      • Technology
    27. Technology
      • “ Members of the My Media Generation can fit up to 44 hours of activities in just one day…”
      • -Yahoo.com
    28. Technology
      • RSS- Real Simple Syndication
      • Social Networking sites- MySpace
      • Blogs (Web-logs)- Online journals
      • Satellite Radio
      • TiVo
      • VOIP
      • Cell Phones
    29.  
    30.  
    31.  
    32. Technology
      • 750,000 in 48 hours
    33.  
    34.  
      • Picture Perfect
      • Visa Credit – November 2005
        • 8,447 accounts
        • 7% increase in transactions
        • 9% increase in balances
        • 22% decrease in checks written
      • Visa Debit – March 2006
        • 10,021 accounts
        • 13% increase in transactions
        • 7% increase in balances
        • 18% decrease in checks written
    35.  
    36. Source: comScore Media Metrix 7% 14,240 13,269 Total Internet Audience 14% 1,084 950 IRS.gov 22% 613 502 Wells Fargo 23% 872 711 Citigroup 23% 863 702 Capital One 69% 1,966 1,164 Bank of America 112% 478 225 Washington Mutual % Change February 2006 February 2005
    37.  
    38.  
    39.  
    40. 16-25 w/o Billpay 16-25 w/Billpay
    41. 16-25 w/o Billpay 16-25 w/Billpay $4,053
    42. 16-25 w/o Billpay 16-25 w/Billpay $4,053 $14,792
    43. Technology
      • Not just technology…
      • Young adults view physical branches just as importantly as Baby Boomers
    44. Physical/Virtual
      • Apple Genius Bar
    45. Physical/Virtual
      • Umpqua Bank
      • 2006 Internet advertising is up 34% from 2005
      • But…..
      • … 10% to 15% of the advertising traffic is likely click fraud
      • More than 230 million Americans have cell phones
      • But……
      • But……
      • Magazine circulation decreased 5.5% the past 12 months
      • But….if you drill deeper…
      • Average Magazine Titles Read in Past 6 Months
        • 19-24 year olds- 18.3
        • 45-54 year olds- 16.7
      • Meanwhile, 71% of 13-24 year olds still read magazines…
      • … 58% of those said even if they can get the same information online
    46. Technology
      • After calling automated telephone hotlines…
      • … .. 73% felt customer rage
    47. ESPN Zone Restaurant ESPN Web Video ESPN Mobile ESPN Cable ESPN Magazine ESPN Podcast
      • WARNING: Don’t make the “young people are only online” mistake
      • Convenience
    48.  
    49.  
    50. Convenience
      • Commerce Bank- “America’s Most Convenient Bank”
      • CEO from retail, calls branches “stores”
      • -Monday-Wednesday- 8:30-5
      • -Thursday & Friday- 8:30-8
      • -Saturday- 8:30-3
      • -Sunday- 11:00-4
    51. Lending
      • ‘ No credit’ is not ‘bad credit’
    52.  
    53.  
    54.  
      • Knowledge Centers
    55. Technology
      • 70% college students “somewhat” or “very interested” in financial websites targeted to them
    56.  
    57.  
      • Take Aways
    58. Take Aways
      • All departments, not just marketing
    59. Take Aways
      • New and/or rotating board members
    60. Take Aways
      • All aspects of media
    61. Take Aways
      • Young adults ARE profitable
        • 69% college students kept accounts at same institution
        • Biggest increase in new homers were under 25
        • Lower cost of servicing
    62. Take Aways
      • Work in progress, never finished
    63. Websites to check out
      • www.earlyearners.com
      • www.wesabe.com
      • www.zillow.com
      • www.espn.com
      • www.coastalfcu.org/studentbanking
      • www.umpquabank.com
      • www.zopa.com
      • http://blog.wellsfargo.com/StudentLoanDown/
      • Questions?
      • Bryan Sims
      • CEO, brass|MEDIA Inc.
      • PO Box 1220
      • Corvallis, OR 97339
      • 541-753-8546 (office)
      • 541-753-8548 (fax)
      • www.brassmedia.com
      • www.brassmagazine.com

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