Christopher Morris, 30 Under 30 member, CUNA Councils
“Technology” and “young adults” are seemingly always in the same sentence. Social Networking! Mobile Banking! Twitter! P2P Lending! Blogging!
But before you move forward with the “next big thing,” let’s reflect together as I take you back to the mid-nineties….
Some of us technology savvy youngsters like old technology too – I like books. Because of this, I’m naturally keen to patronize used book sales in and around Madison (did I mention I’m frugal too?).
Recently, I found a gem – The Internet for Dummies – 2nd Edition published in… 1994. Most people would find this to be only an out-of-date internet reference guide (and it is), but actually it’s an interesting window into the world of online computing before the age of the web browser. Aside from email, it seems that finding information on the internet involved navigating complicated menus (through programs like Gopher) or subscribing to a Usenet newsgroup and filtering messages. It didn’t sound fun or easy.
But along came Mosaic, which eventually evolved into Netscape; the first popular web browser changed the world. A Wired magazine article noted at the time:
Mosaic is the celebrated graphical ‘browser’ that allows users to travel through the world of electronic information using a point-and-click interface…you can travel through the online world along paths of whim and intuition.
Much better. So why the history lesson? Mosaic was just beginning to make ripples when the Internet for Dummies book I mentioned was being put together. It warrants a whopping four pages out of four hundred and twenty-seven. Here are the author’s short-sighted words underneath the heading “So What About Mosaic?” in the book:
You have doubtless heard all about Mosaic, the ‘killer application of the internet.’ So why haven’t we discussed it yet? Well, it’s somewhat overrated, but it’s still pretty cool, so here it is.
What a begrudging endorsement! An invention that Thomas Friedman attributes as one of ten forces that flattened the world in his book The World is Flat is deemed “overrated” at the time or its launch. The product helped create access on a profound scale (ATMs or online banking come to mind?).
Let’s also look at Pixar Films. Founder John Lasseter originally worked at Disney and in the 1980s “tried to convince his bosses that new computer technology could add previously unattainable depth and dimension to animated films, turning them from two-dimensional or ‘2D’ into more realistic ‘3D’ images. It got him fired.” If you’ve ever watched any of their movies, you know the end of that story. Movies like Snow White and the Lion King were good, but Toy Story and Wall-E are better.
So what will be the next big thing for attracting and retaining young adult members using technology?
The truth is – we don’t know. To the Internet for Dummies’ author’s credit, much of new technology is overrated…or seems that way at inception. Segway anyone?
What to do then? When looking at these new technologies, ask yourself first – “is it something that makes a transaction/service/product easier or better for members? Is there real value in this new application? How does it align with our mission?”
Then ask young adults what they think before you move forward. This could be in the form of young adult focus groups, advisory board, employee involvement, etc.
It comes down to:
- Is there a demand? (Think Mosaic)
- Or will your new idea create demand? (Think Pixar)
In the meantime, I’ll be buried in a book…and checking my email at the same time.
Comments
2
Great post, Christopher. If you had to go out on a limb, what would you say the financial technologies are that will make a permanent difference?
My guesses:Link to this comment
Thanks Ben. Mobile banking? That seems the strongest prospect as the technology is moving that way.
I agree about remote deposit – it’s only temporary. Right now, the process is too clunky and requires hard ware for the member. But I think we will see a time soon when checks will be obsolete anyway.
I also think CUs need to keep a closer eye on P2P lending…it’s credit unions 2.0.
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