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Slide 1: THE GREAT DEMOGRAPHIC DIVIDE FINANCIAL SERVICE CENTERS COOPERATIVE 2008 CREDIT UNION RETAIL DELIVERY CONVENTION JOE SULLIVAN jsullivan@formarketinsights.com 312-961-0188 © 2008 Market Insights, Inc.
Slide 2: BOOMERS • 44 – 62 years old • Largest Demographic Age Group • Lucrative Members • Diverse & Sophisticated Financial Needs GEN Y • Twenty-somethings and teenagers • Second Largest Demographic Age Group • Tech-savvy & Connected • Entry-level Financial Needs © 2008 Market Insights, Inc.
Slide 3: THE DIVIDE Source: Who Are the Millennials? a.k.a. Generation Y Deloitte Consulting 2005 © 2008 Market Insights, Inc.
Slide 4: 47 © 2008 Market Insights, Inc.
Slide 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 © 2008 Market Insights, Inc.
Slide 6: GEN Y NEEDS, VALUES & PREFERENCES • access • convenience • simplicity & ease of use • flexibility • authenticity © 2008 Market Insights, Inc.
Slide 7: © 2008 Market Insights, Inc.
Slide 8: © 2008 Market Insights, Inc.
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Slide 10: © 2008 Market Insights, Inc.
Slide 11: TARGETING GEN Y REQUIRES STRATEGIC CHOICES about your delivery network but also requires attention to your: • MARKET • PRODUCTS & SERVICES • BRAND POSITION & MARKETING • PEOPLE © 2008 Market Insights, Inc.
Slide 12: KNOW YOUR MARKET Point 1 - Overland Park Younger Years Segments Code Members Market 11% 8% Young Up & Comers Y1 120 1,428 12% 21% Metro Mainstream Y2 123 3,779 9% 14% Fiscal Fledglings Y3 91 2,543 © 2008 Market Insights, Inc.
Slide 13: © 2008 Market Insights, Inc.
Slide 14: © 2008 Market Insights, Inc.
Slide 15: © 2008 Market Insights, Inc.
Slide 16: © 2008 Market Insights, Inc.
Slide 17: © 2008 Market Insights, Inc.
Slide 18: REMEMBER, TARGETING GEN Y REQUIRES STRATEGIC CHOICES • PRODUCT & SERVICES • BRAND POSITION & MARKETING • PEOPLE • DELIVERY © 2008 Market Insights, Inc.
Slide 19: KNOW YOUR MARKET © 2008 Market Insights, Inc.
Slide 20: QUESTIONS? THANK YOU jsullivan@formarketinsights.com 312-961-0188 © 2008 Market Insights, Inc.
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