Addison Avenue FCU gets it. Strong products. Good online delivery. They tested out the Zopa model in 2007. They’re offering high-interest checking. Their forays into social media have been modest but stable.
I spoke with Jonathan Gowins, Addison Avenue’s ecommerce, social media manager about approaching young adults and about one improvement in particular.
For more than a year, Addison Avenue has offered a separate microsite, called The Addison Cafe. The site still exists, but a month ago the banner ad on the credit union’s home page started promoting the new Family Center with a similar look and feel but a new target: parents. The newer site advertises:- Educational articles crafted by the credit union
- A page that touts an Addison Avenue scholarship while offering information on student loans
- A ‘Starter Package’ that offers ‘Checking Plus’ with a debit card, a Visa Classic card for building credit, and a first-time auto loan—products that match up with a young adults desires, not just an ascetic need to save.
It’s no secret that parents make most of the financial decisions for children and teenagers under their roof, Gowins says. Getting an adult to switch financial institutions takes a lot of work, but getting the children of loyal members as loyal members themselves is a lot easier.
The Addison Cafe didn’t introduce any new products to young adults; it just brought relevant products under the same marketing roof. In that vein, the new Family Center’s only actual innovation is a modest scholarship. The real value comes in having an excuse to show members that the credit union is available and doing the right things for their children. Addison Avenue launched the site with direct mail and e-mail targeted at 35- to 50-year-olds with children in the home. A follow-up note reminded members about the resource, and Gowins expects to send out reminders highlighting Addison Avenue as a responsible place for parents to direct their kids.
For all the talk that credit unions (and I include myself) have done about capturing young adult members, there’s a dearth of well-considered programs aimed specifically at parents who want to open good accounts for their kids. The Family Center is welcome evidence of progress.
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