PSCU’s annual conference for Member-Owner Credit Unions, MoPRO 2014: Imagine the Road Forward, painted a clear picture of how social media, mobile, analytics and payment cards are converging to shape how credit unions will connect and grow with a new generation of members. The event, held April 9-11 in Las Vegas, drew 640 attendees to explore how credit unions can optimize their opportunities for growth with the Millennial population, or young adults between 18-34.
“We reach for our smartphones 150 times a day,” said Mike Kelly, President & CEO of PSCU. “It’s rarely more than eighteen inches away. It’s a phenomenal delivery system. So is social media and we’ve got 80 million people in this Millennial segment looking for new and better ways to manage their money.”
This message carried consistently through the event’s keynote speakers and in strategic insight sessions urged credit unions to capitalize now on their strengths of community, trust and service; and to leverage social, digital and mobile channels to transform their delivery methods. Best-selling author, Malcolm Gladwell, reminded the audience that consumers are drawn to systems they know to be worthy of their attention: “Credit unions have legitimacy and trust — two key elements for success with consumers, but they also embody fairness, a quality essential to success with the new generation.” Peter Sheehan of Change Labs, and Erik Qualman of Socialnomics reinforced the message that credit unions need to be where consumers are – in digital and mobile communities.
Representatives from PSCU’s credit union advisory groups hit the streets of Las Vegas ahead of the conference to see first-hand the opportunity credit unions have to grow with Millennials. The street interviews, shown in video clips during the general session, revealed a fundamental distrust of big banks by Millennials and dissatisfaction with their services, but a noticeable gap in their understanding about the differences between credit unions and banks.
“We have to close that gap and tell the credit union story to a new generation,” said Kelly. “Credit unions have exactly what Millennials are looking for – strong ties to the local community, high touch service and the right products and services. But 71% of Millennials do not know what a credit union is.”
MoPRO 2014 also provided the launching pad for expanding PSCU’s acclaimed Make Your Money Matter social media platform, which uses a website and other digital assets to explain the difference between credit unions and big banks. The company also rolled out a new mobile app for its CURewards® Loyalty program that lets members on the move view merchandise redemption options, review offers from nearby merchants and check on points. Among 20 new product demonstrations were the company’s three analytics solutions; mobile apps for credit cards and prepaid cards; remote deposit capture; and upgrades to PSCU’s award-winning Business Process Management platform for tracking and resolving credit union-initiated service requests.
About PSCU: Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16.5 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four contact centers located throughout the United States that handle more than 18 million inquiries a year.
Through a focus on collaboration and initiatives to mine the collective intelligence from all corners of the cooperative, PSCU’s Member-Owners are positioned at the leading edge of innovation. The combination of PSCU’s commitment to leadership in mobility and excellence in risk management, strategic consulting and technology creates PSCU’s foundation for the strongest partnerships with its Member-Owners. For more information, visit the PSCU website at www.pscu.com.
Jim Major, PSCU
Phone: (800) 443-7728 ext. 4189
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