Thanks to everyone for attending the Credit Union Association of Oregon’s Youth Summit. It was an honor to speak to the group and I hope our session encouraged some creative thinking. Here is the presentation if you’d like to download it and keep it for your records.
Do I really care about the latest marketing campaign that XYZ Credit Union is doing? “Have you seen the video on YouTube by GenY Star? It would make the perfect national marketing campaign,” bleets many of the social media sheep in the credit union industry.
Do you know why most credit union CEO’s don’t blog and aren’t on Twitter? Because nothing important happens in the credit union blogosphere. Yeah, we all get to network, see what each other are doing, and maybe catch a pearl of wisdom here and there. But the bottom line is the important stuff, the game changing stuff, is never really talked about online. Changes to the member business lending cap. That’s a game changer. A partnership developed between FSCC, CUSC, PSCU, Fidelity, etc that enables all credit unions to become shared branches automatically. That’s a game changer.
I’ll bet we could fill an airplane with all the people in the credit union social media space. Literally. What would happen if that plane went down? Nothing. That’s right, nothing. Now imagine filling that plane with the CEO’s of the credit union leagues, trade associations, CUSO’s, and credit unions. We would have a catastrophe. Innovation would be ground to a halt. The real partnerships and collaborations that were happening, albeit on a small scale, would cease.
Tim McAlpine recent wrote on the CUES blog about using social media to advanced your career. And he is 100% right. Social media can help to get your name out there. But we in the social media blogosphere need a greater goal than getting 500 twitter followers or blog subscribers. Trey Reeme and I recently had a conversation about this issue of social media being disconnected from the important things in the industry. Daily life at a credit union isn’t glamorous and fun. It is trying to find a way to help a teller do a process 1 minute faster. It is about finding a better checking product to match up with the maturity of your credit card portfolio. It is about patterning with neighborhood credit unions to form a multi-owned business CUSO to get around an individual credit union’s business lending cap because a.) business loans are profitable and b.) members need them.
If a flood was coming to the credit union industry, would you be invited onto Noah’s Ark to weather the storm? Right now, I wouldn’t be. And I’m not going to stop fighting for the credit union industry until I am.
Chris Saad, of Data Portability fame, posted this video on his blog. It clearly demonstrates what Gen Y’ers think about when they build a company. I also think that many other Gen Y’ers look for environment like the ones described when they are looking for employment. And if credit unions can’t attract Gen Y employees, they are probably going to have a very difficult time attracting Gen Y members.
Last night 60 Minutes aired a piece on "Millennials", people born between 1980 and 1995 (aka Gen Y), entering the workforce and what complete junk.
Apparently we are self-absorbed and we need to learn how to use a knife and a fork. I don’t know about you guys, but I never had my parents speak to my college professors because I didn’t like my grade. Oh and we have no idea what it is like to be at work at 9 o’clock and have someone hand us work.
Complete and utter one-sided BS.
Here’s the piece from 60 Minutes
Fairfax County Community Credit Union has launched a new campaign to have GenYer’s create a 30 second TV spot about why their GenY checking fits their lifestyle. They are giving away $1,000 and an iPhone to the winner. All submissions get posted up on their YouTube site and you get to vote on their website. Forum CU has done a good job with some ads featuring members and I think have had pretty good luck with them so I’ll be interested to see Fairfax’s results!
Cake Financial has launched their public "alpha" today at TechCrunch40. Bringing a new spin to social networks, Cake enables investors to track their performance next to their peers, their friends, and other investors. By automatically plugging in to most of the major brokerages, Cake can automatically retrieve your holdings for up to ten years and track your performance compared to the rest of Cake and the market.
Specifically designed with the 40 million Gen X and Gen Y consumers in mind, Cake is a new kind of financial service. Members can open an account with Cake in minutes because there is no transfer of money or change in existing brokerage relationships to get started. Instead, members can link their Cake account to an unlimited number of existing portfolios from leading online brokerage firms. This allows Cake community members to see up to 10 years of historical activity as well as current portfolio holdings, trading activity and performance data of fellow members. All safely, securely and anonymously.A recent study from the Harvard Business School reveals that many ordinary investors consistently beat the market. Cake is designed to allow members to capture and share the behavior and habits of these high performers with each other.