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Millennials: “Credit unions are irrelevant”

first_imgNow, that I’ve garnered your attention with a salacious headline I’ll add that credit unions are irrelevant in that millennials do not understand what value is offered.The Road to Financial Wellness was an epic road trip that encompassed 10,200 miles, 137 hours of driving time, 37 events in 30 locations held in the month of June. The Phroogal team traveled from Portland, Maine to Los Angeles, CA participating in local events that included panel discussions, seminars, dinners, barbecues and training sessions. The events were held in many credit union locations, churches, colleges, a country club house and a living room.We had the opportunity to engage with people all across the country from different socio-economic conditions. We found commonalities and differences. We learned a great deal from the 30 days on The Road.The Road to Financial Wellness was sponsored by 15 credit unions so naturally many of our conversations shifted to credit unions.Let me focus on the words, “credit unions are irrelevant.” It was in pit stop 7 in Raleigh, NC I heard these words. Maybe it was the wine or beer or the general informality of the event that let this person utter the words.As an industry we spend a great deal of time focusing on the differences between credit unions. I’m guilty of writing many pieces like this myself. What we found on our summer road trip is that millennials aren’t confused about the differences. Millennials just do not understand the value offered by credit unions.Let me focus on values.Millennials are a generation that are straddled with more economic uncertainties than previous generations. However, millennials are hopeful and optimistic. Millennials may have a larger amount of student loan debt but still believe in living life through experiences not purchases. Millennials may be considered entitled but they are keen on social impact.When I asked millennials across the country their thoughts on credit unions, the answers were all over the place. I had many who said they loved their credit union but chose to do most of their financial transactions elsewhere. I also had responses such as “I just don’t know enough about them or what are credit unions?”So I began to ask a different question, “If you could bank with the ideal financial institution, what would that be like?”The answers were:Community. Millennials want to feel they belong and their participation is beneficial to themselves and others. Millennials value community relationships because there’s a desire to be connected with other like minded people. Expertise. Millennials are seeking experts in their respective fields who are in the game to help them succeed. A brand that is known to provide trustworthy and relevant advise will be rewarded with brand loyalty.So what are these millennials describing when asked that question or something similar? For the most part credit unions.You’ll notice that millennials we spoke with didn’t mention higher interest rates or lower loan rates. They didn’t talk about governance or not-for-profit status.Millennials are looking for values.Credit unions are in a position to grow with this generation but it’s going to require going back to your founding roots. There is an opportunity for credit unions to market their core values that differentiate themselves from banks and other credit unions.If you revisit the primary reason the credit union you manage was founded, you’ll find insight in why members originally joined and why they remained loyal. It wasn’t because you gave more interest or had more product offerings. They joined because of your credit union’s mission and they remained because they felt part of the community.You don’t need to have everyone join your credit union. You need to attract the right members and that means clearly articulating what you stand for…your values. Convenience. Millennials are seeking simpler ways to do things that do not take too much time. It’s about offering technology that helps perform tasks not replace human interaction. Millennials want technology but they’d like to know there’s a person if and when needed. Social Mission. Profits are okay but social impact should be the top priority. Millennials who want a sense of community do so because it’s making a difference in their world. It’s not about supporting another social cause or a social responsibility statement. Millennials are seeking your core value meaning your mission in itself is for positive social impact. 313SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jason Vitug Jason Vitug is founder at Phroogal. Phroogal is answers and access to financial knowledge. Vitug has worked in the financial services industry for close to 10 years most recently as … Web: www.phroogal.com Detailslast_img read more

Cricket News Shastri’s Advice To Flex My Knees While Batting Helped My Batting: Hanuma Vihari

first_imghighlights Kingston: Hanuma Vihari has credited his success in the second Test against the West Indies here to Ravi Shastri, saying the India head coach’s advice not to stay upright but flex the knee while batting helped him notch up his maiden century. Vihari (53 not out and 111) was adjudged the Man of the Match in India’s 257-run win over the hosts in the second Test on Monday. Asked what did Shastri tell him after his first innings, Vihari said, “He (Shastri) was talking about flexing my knees a little bit, I was a little upright in the first innings, so flexing my knees meant I could move my foot both on front and back foot. “It worked out very well and a lot of credit should go to him,” Vihari told India fielding coach R Sridhar during an interview, the video of which was posted by BCCI on its website. The 25-year-old emerged as India’s top run-getter against the West Indies in the two-match Test series with 289 runs. “I relish batting under pressure because that is the challenge you have to accept as a batsman and these situations brings the best out of me,” said the Andhra batsman, who had scored a 93 in the first Test in North Sound. “I feel I try to focus on what the situation is, and have a certain game plan and I was fortunate enough to have good partnerships with Jinx (Ajinkya Rahane). He batted beautifully as well.” Vihari said he was confident of a good outing during the two-match Test series against the West Indies as he had spent enough time on these pitches during the last two months with the India A team. “I was in really good space. I have been in Caribbean for last two months, I have been practicing and playing matches on this wicket,” he said. “So I was really confident and I think I played well in the practice match and it gave me that extra boost. I was looking forward to this series and I am happy it went well.” In his first year in international cricket, Vihari has played six Tests but he seemed to have lost a bit of hair, got married and has also scored 6000 plus first class runs despite being just 25 years of age. “I started my first class cricket quite early and that’s why I could score 6000 runs. I don’t know about the hair, may be too much batting from childhood,” he said with a laugh. “… That experience will count, batting for nine years in first class cricket, and it helped me in pressure situation.” For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.center_img Hanuma Vihari credited his success in the second Test against the West Indies to Ravi Shastri.Vihari was adjudged the Man of the Match in India’s 257-run win over the hosts in the second Test.Vihari has played six Tests and has also scored 6000 plus first class runs.last_img read more

Kompany: I live to mark the big strikers

first_imgManchester City captain Vincent Kompany believes the Premier League title race is destined to “get messy” with Arsenal joining the champions and Chelsea in a three-way battle. Ten-man City fought back from a goal down to draw 1-1 with Jose Mourinho’s table-toppers on Sunday, leaving the Londoners three points clear at the summit.Southampton and Aston Villa occupy are second and third in the table but are unlikely challengers in the long run, meaning the Gunners and City look likeliest to lead the chase. The weekend showdown at the Etihad Stadium was billed as the battle of the big hitters but Kompany believes Arsenal, who are one point better off than City and four off top spot, are ready to make it a scrap at the summit.”It is not fair to call it at the moment,” said Kompany.”First of all we are not even close to Chelsea yet. Secondly, I have seen good things from Chelsea but I have seen maybe better things from Arsenal, so I guess it will all be about consistency and, with the Champions League, it will get messy around December.”It is too early to call. Five points is nothing but Chelsea have five points more than us, it is as simple as that. But it will get messy in December and January as it always does – or at least the last six years I have been here it has.”Kompany was in commanding form on Sunday, shutting down Diego Costa in a manner no other defender has yet managed this season. It seemed improbable that Mourinho’s side would have scored had Pablo Zabaleta not been sent off in the 66th minute, with Kompany well partnered by debutant Eliaquim Mangala.The £32m Frenchman has had a lengthy wait for his first taste of English football but was muscular and dependable in a tough opening assignment. “He was tremendous,” said Kompany. “I don’t think he’s played for five months. “I think it is up to him how good he could be but it looks like he is eager to progress, which is important at his age (23) as he is still young.”Obviously you can see he has all the basics to be more than a good defender. He will need some time, like everyone else, and with time he will improve. Going by this performance you will be looking forward to what he can achieve.”As for his own display, where he at times dominated seven-goal Costa, the City skipper added: “I loved it. I live for those moments. “People who know me know I want nothing else than to play against the big strikers week in, week out and I enjoyed every minute of it.”Lampard praiseWhile Zabaleta’s red card eventually led to Chelsea’s opener through Andre Schurrle, there was a dramatic finish in store as Frank Lampard stepped off the bench to level against his employers of 13 years. Having been cheered onto the pitch by the away fans, Lampard predictably declined to celebrate.He is only in Manchester until the new year, when he starts life at New York City FC, but Kompany is pleased to have a player of his stature around until then. “I have said it before, he was looking really good in training and it is one more player with a lot of experiences, he has won a lot of trophies in his career and in moments like this he keeps his head cool and just finishes it,” he said. “He could even have had a second but I guess that could have been a bit too much.”last_img read more