The content of this article is opinion (and insight) from a member ofGen Y.
While time has passed with many conversationsabout reaching the youthful Gen Y strongly resembling an episode of Steve Erwin's Crocodile Hunter, "[insert Australian accent] Here we are mates, down at the bayou looking for the elusive Gen Y breed.We hope to catch one today so we can learn about this young character and their unique and clever communication styles that have beenescapingus for years… "afunny thing happened, we grew up.
As adults, Gen Y is the target demographic for first time homebuyer products (first time homebuyers range in age29-32depending on your trusted data source) and in two years every one of uswill be of legal age to operate a motor vehicle.Gen Y was the first generation raisedwiththe on demand, here-and-now benefitsof technology that quickly evolved from aconvenienceto an expectation. We arethe first generation to embrace and thrive fromthe concept that the technology in our hands todaywill make way for the faster and more efficient technology oftomorrow; we don't "play" with technology we live by it.Communication strategies based on juvenile concepts such as "use their lingo in social media where they hang out" are going to fall short of meeting your goals because it will fall short of meeting our more realistic, sophisticated needs.
Wehave been raised by technology as naturalinnovators. Without second thought we innovate any ideasput in front of us andrelishour ideas developing with the innovation of others. Companies lacking innovation in their services or delivery channels are belittled indefinition as we share our experiences. Innovations in accessibilityhavecreated an arena in which organizations are no longer just compared to their peers.The appearance and functionality ofonline services,apps and real-time communicationsarecomparedto one another withno regard for the origin of the companiesthatare deliveringit.
Remarketing is nearly an oxymoron to Gen Y because many of us have no idea it's not just marketing.Although the paper form of remarketing has been around for decades the electronic form, onceviewed as invasive and a privacy concernby manymembers of the X andBaby Boomergenerations,is some of the most effective and welcomemarketingtoGen Y. We find it helpful in our busy lives to be reminded through e-mail or display ads that we haveitems left in our online shopping carts and productswe’re interested in arestill available just one click away. If you’re not reaching out to us while we’re on social, local, news or shopping websites it appearsyou don’t wantor valueour businesslikeyour competitors do.
As a credit union your products and services are more relevant to Gen Ythan ever. First time homebuyers need your mortgage products, in less than two years every member of Gen Y will beatarget foran auto loanand at least three quarters of our generation arelegally ableto carryour owncredit card.It’s the method in which you offer these productsthat determines if you’re an organization we want to do business with. We expect an innovative and efficient application process.If your online application isn't approving us upon completion, or at minimum guaranteeing a quick response, we willlook elsewhere for an institution that will meet the here-and-now, on demand expectation technology has ingrained in us.
Direct communicationto ourmobiledevices should be higher on your priority list thancommunicating with us via social media(Gen X and the Baby Boomers are adopters of thesamedevices and are looking for this communication too). We expect our credit union to communicate with us the way other companies do, not just the way other financial institutions do.Aweather app can notify us ofstorm warnings, retailersnotify us whenour favorite item goes on sale and we expect ourcredit unionto notifyus, at minimum, when our account balance is low.
Gen Y has been groomed to expect information and communications to be at our fingertips. If your current strategy is trying to reach us with games and “cool” lingo in social media here's the big secret about Gen Y explained: it’s innovations in technology, processes and communicationsthat weare looking for. Our financial needs are the same as anybodyelse’s,we just usemoderndelivery channelsto getinformationand complete transactions. See, we're not so elusive after all!
