Great Demographic Divide: 6-11-2008

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Presentation given by Joe Sullivan and Brady Walen at the 2008 FSCC Credit Union Retail Delivery Convention in Chicago.

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  • I want to thank the FSCC for inviting me to speak here today – and thank you for your interest in this important topic. As mentioned, my name is Joe Sullivan. I am President of a consulting firm, based here in Chicago, called Market Insights. And, given the subject we’ll be discussing today, I’ve invited my colleague Brady Walen – who is the Director of Marketing at Market Insights – to share an authentic Generation Y perspective. At Market Insights, our team works with financial institutions everyday. Our work centers on helping them remain relevant, grow and navigate tough challenges in today’s dynamic marketplace. And we’re here today to discuss one of those challenges: the divide that exists between demographic groups. Specifically – the differences between Baby Boomers and Generation Y, and the implications those differences have on today’s financial institutions.
  • Great Demographic Divide: 6-11-2008

    1. 1. THE GREAT DEMOGRAPHIC FINANCIAL SERVICE CENTERS COOPERATIVE 2008 CREDIT UNION RETAIL DELIVERY CONVENTION DIVIDE JOE SULLIVAN [email_address] 312-961-0188
    2. 2. GEN Y BOOMERS <ul><li>Twenty-somethings and teenagers </li></ul><ul><li>Second Largest Demographic Age Group </li></ul><ul><li>Tech-savvy & Connected </li></ul><ul><li>Entry-level Financial Needs </li></ul><ul><li>44 – 62 years old </li></ul><ul><li>Largest Demographic Age Group </li></ul><ul><li>Lucrative Members </li></ul><ul><li>Diverse & Sophisticated Financial Needs </li></ul>
    3. 3. THE DIVIDE Source: Who Are the Millennials? a.k.a. Generation Y Deloitte Consulting 2005
    4. 4. 47
    5. 5. ” “ Not planning for the long term with respect to Gen Y will leave banks and credit unions in the same position they find themselves in today, fighting for short term profits. Javelin Strategy and Research Generation Y Banking Behaviors and Attitudes
    6. 6. NEEDS, VALUES & PREFERENCES <ul><li>access </li></ul><ul><li>convenience </li></ul><ul><li>simplicity & ease of use </li></ul><ul><li>flexibility </li></ul><ul><li>authenticity </li></ul>GEN Y
    7. 11. TARGETING GEN Y REQUIRES STRATEGIC CHOICES <ul><li>but also requires attention to your: </li></ul><ul><li>MARKET </li></ul><ul><li>PRODUCTS & SERVICES </li></ul><ul><li>BRAND POSITION & MARKETING </li></ul><ul><li>PEOPLE </li></ul>about your delivery network
    8. 12. KNOW YOUR MARKET
    9. 18. REMEMBER, TARGETING GEN Y REQUIRES STRATEGIC CHOICES <ul><li>PRODUCT & SERVICES </li></ul><ul><li>BRAND POSITION & MARKETING </li></ul><ul><li>PEOPLE </li></ul><ul><li>DELIVERY </li></ul>
    10. 19. KNOW YOUR MARKET
    11. 20. QUESTIONS? [email_address] 312-961-0188 THANK YOU

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