|Diana Dykstra, CEO of the California and Nevada Credit Union Leagues presents at the CUNA Technology Council and the CUNA Operations, Sales & Service Council conferences|
DYKSTRA STRESSES MEMBER RELEVANCE
updated 09/25/13 04:17 PM
Dual CUNA Conference Meeting
During the Credit Union National Administration (CUNA) Technology Council and the CUNA Operations, Sales & Service Council conferences on Sept. 22-25, President and CEO of the California and Nevada Credit Union Leagues Diana Dykstra addressed attendees on the importance of staying relevant to members and potential members amidst a demographic shift.
"Baby boomers helped credit unions grow, but they're deleveraging now and they're not going to become net borrowers again. They're done. Today's net borrowers are age 18 to 34, but that age group is under-represented among credit union members. We have to do something about that," Dykstra said.
According to Dykstra, Generation Y, representing 78 million individuals, is the future of credit union lending. However, 71 percent of this cohort are uneducated about credit unions, and over half of the unbanked belong to Gen Y.
"This generation represents a tremendous opportunity for credit unions, but a lot of younger consumers just don't want relationships with traditional financial institutions," she added.
The greatest opportunity for credit unions tapping into the Gen Y market is mobile banking, which is growing 68 percent a year.
"Branch traffic declined for the first time in 2012," Dykstra said. "About 80 percent of consumers now visit a branch only once per quarter. And their top three reasons for visiting a branch are problem-resolution, to execute a process that's too complex to execute online, and to physically sign a document."
GAIN EXPERIENCE ON LEAGUE COMMITTEE updated
09/15/14 01:21 PM
Submit Committee Interest Questionnaire
Are you interested in serving a one-year appointment on a California Credit Union League committee?
LEAGUE ADVOCACY BLOG GAINS TRACTION updated
09/12/14 04:13 PM
Sign Up for Alerts
The new Advocacy Blog launched by the California and Nevada Credit Union Leagues in August is gaining steam as more credit union advocacy professionals and others in the industry continue signing up to receive e-mail alerts on important state and federal updates.
FOCUSED ON 'ONE TO ONE' RELATIONSHIP updated
09/12/14 02:01 PM
Printing Industries CU
Susan Conjurski’s biggest hurdle is making sure her credit union keeps a competitive edge with larger financial institutions—a task that’s “quite a challenge,” she says.
PENALTY POLICY: SMALL VS LARGE CUs updated
09/11/14 06:50 AM
Federal Reserve’s Impact
The Federal Reserve’s ultra-low interest rate policy created the desired impact when it was instituted in 2008. Short-term funding costs plunged for financial institutions, allowing them to cheaply fund higher-yielding assets and restore capital.