PSCU Financial Services Issues White Paper on Financial Habits, Preferences of Gen Y
Discontent with Current Financial Institution Creates Opportunities for Credit Unions
ST. PETERSBURG, Fla., Feb. 3 /PRNewswire/ -- The financial habits of 90 million Gen Yers reveal an interesting paradox: they are tech-savvy and want access to flexible, customized products through online and mobile channels, but they still turn to their parents for financial information and advice, according to a white paper authored by PSCU Financial Services. Information about the financial preferences of Gen Y is available in the cooperative's first of three white papers on this unique and influential generation. The first paper, entitled "Y: A Generation of Opportunity," is available online at: http://www.projectnewage.com.
The paper quotes several major research studies and reports that marketing to Gen Y needs to involve social networking sites and offer a personalized approach wherever possible. These young adults are very time-sensitive, so gaining their attention requires messages that emphasize 24/7 support, electronic banking and helpful money management tools.
"Gen Y will shape the future of credit unions and all financial services providers, since they represent such a large market segment," said David J. Serlo, President, PSCU Financial Services. "Credit unions have a unique appeal to this audience because young adults are skeptical of large, profit-hungry companies and favor cooperative institutions that can meet their needs while simultaneously giving back to the local community."
Attracting this generation is worth the effort. Less than 40% are satisfied with their financial services provider, according to a 2009 Javelin Research Study, and that discontent creates a tremendous opportunity for progressive credit unions.
The second paper in the Gen Y series will discuss developing a strong package of "youth-centric" solutions and financial education materials designed to build long-term relationships with young adults.
About PSCU Financial Services
Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,300 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 600 member credit unions representing over 14 million accounts and 940,000 online bill payment subscribers. Its Contact Centers handle more than 17.4 million inquiries a year. For more information, visit www.pscufs.com.
SOURCE PSCU Financial Services
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