White papers: Marketing to baby boomers, ex-bankers at CUs

MADISON, Wis. (10/10/08)--How to market to baby boomers, and credit unions filling lending positions with ex-bankers are the subjects of two new white papers from the CUNA Councils.

Addressing the financial services needs of the often-ignored baby boomers--the 76 million men and women who comprise 26% of the population--is the subject of the first white paper.

"Marketing to Baby Boomers," by the CUNA Marketing and Business Development Council, details relevant products and services for this demographic and how to strategically market these offerings. The white paper includes research and case studies on boomer women, who are emerging as a market superpower predicted to control two-thirds of U.S. consumer wealth over the next decade.

The paper outlines the numerous opportunities that the baby boomer market presents, along with some caveats in the competition for wallet share.

"This age cohort is hungry for financial information from their trusted advisor," the paper reads. "They will attend seminars, but want information without the sales hustle--they get too many offers for free dinners and credit cards. As the interviews with professionals indicate, if the information is too sales oriented, your members will be turned off immediately."

The second new white paper--"Ex-Bankers Working for Credit Unions: Challenges and Opportunities" by the CUNA Lending Council--offers tips and tools for hiring ex-bankers with the right mindset to thrive in the credit union environment and helping them to make the transition.

Credit unions have been filling lending positions with ex-bankers for many years, but the trend has gained more attention recently due to credit unions' growing need for commercial lending experience.

"For ex-bankers, the key to success in the credit union movement seems to be understanding the credit union philosophy and reconciling it to their own approach to lending policies and procedures," according to the paper. "When ex-bankers successfully take this step, they can make significant contributions to their credit union organizations and even the credit union movement."

courtesy of cuna.org