by Sara Donnersbach, Esq.
Those considered in their midlife are among the fastest growing segment of the population, better known as “Baby Boomers.” What does this mean? Given that a percentage of the population is under the age of 18, if one fourth of the population is over the age of 62, baby boomers are thus the largest target market for potential members. To attract and retain a strong member base, credit unions might consider educating and encouraging baby boomers as to enjoy easy and convenient banking services.
Credit unions can launch a number of initiatives to encourage the elderly to use their services. Advertising campaigns, sponsorships within elder outreach programs and creating a number of campaign partners should be done with the ultimate goal of benefiting the elderly. Credit unions will show how they deeply value their community partners’ support such an initiative, and potentially attract a steady target membership in the process. Empowering baby boomers will empower membership.
In analyzing members’ usage and preferences of financial services, it can be observed that automated channels, including internet banking, phone banking and ATMs have become increasingly popular. To enhance the access of banking services by members, a few things to consider are:
- Extension of cash withdrawal service through retail and health center outlets
- Community-wide education and promotion on ATM services
To achieve this, credit unions can join hands with elderly centers and charity organizations to help organize a series of presentations, open houses and programs to encourage participation. These series can also demonstrate using a dedicated computer simulation to teach baby boomers step-by-step processes.
Partnering with these organizations will garner the support of membership, focusing on this target market. By collaborating to organize educational talks and other activities, credit unions will reach a potential member base of hundreds of senior citizens. Ease of use and access to services and member support are critical.
Sara Donnersbach is a Partner in the Cleveland office where she manages the Governmental Collections, Healthcare Collections, Commercial Utility Collections and Landlord/Tenant Collections groups. She can be reached at 216.685.1039 or email@example.com.
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