Bay Atlantic, Fibre Federal Credit Unions Choose On Your Way Solution to Engage Generation Y Members, Prospects

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Bay Atlantic Federal Credit Union (FCU) of Vineland, NJ, and Fibre FCU of Longview, WA, have selected Dallas-based On Your Way (OYW) as their solution for engaging, educating and retaining Generation Y (ages 18-32) members and prospects. More than 50 credit unions in the United States and Canada with assets of $24 million to $2 billion now use this fresh, comprehensive approach to attract and retain the growing monetary power of this market segment.

“We are educating-while-communicating in a style that Gen Yers expect and prefer, and rewarding them for their time, attention and referrals,” explained the 31-year veteran of financial services.

Bay Atlantic Federal Credit Union (FCU) of Vineland, NJ, and Fibre FCU of Longview, WA, have selected Dallas-based On Your Way (OYW) as their solution for engaging, educating and retaining Generation Y (ages 18-32) members and prospects.

On Your Way, a fee-based service firm, offers a fresh, comprehensive approach to marketing to young adults. More than 50 credit unions from coast to coast and Canada with assets of $24 million to $2 billion now use services from the three-year-old company. (http://www.onyourwayinfo.com)

Our company motto is ‘Get there,’ said Jared Cahill, a Co-founding Partner in the financial education website serving credit unions since 2008. “We help credit Unions working smarter, not harder to attract and retain the growing monetary power of this market segment.

“We are educating-while-communicating in a style that Gen Yers expect and prefer, and rewarding them for their time, attention and referrals,” explained the 31-year veteran of financial services.

“We already have a youth program and a teen program in place, but we were lacking in this age group,” said Carol Muessig, Bay Atlantic CEO. “We find this age bracket is struggling with the current economic climate, student lending and basic financial needs. (http://bayatlanticfcu.onyourway.com/)

“These individuals are the future of our credit union, however,” Muessig noted. “We hope to engage them and provide them with the tools they need to make educated decisions. The (OYW) website will provide them with current financial information and guidance while building loyalty to retain them as our members.

“The younger generations present marketing challenges for us,” she conceded. “We’ve stayed current with our technology and communication techniques, but there are many options for financial service available to Gen Y. We want Bay Atlantic to stand out! “

Bay Atlantic FCU, chartered in 1939 to serve one sponsor company, has grown to 155 select employer groups and organizations. It has $51 million in assets.

Ms. Lesley Carrell, Senior V.P.-Marketing at Fibre Federal Credit Union, a 74-year-old FCU with $730 million in assets and 53,000 primary members, commented on the new vendor partnership:
“On Your Way offers a comprehensive site designed to attract folks 30 years and younger. Our internal resources are too limited to design and develop a web presence specifically for this group. (http://fibrecu.onyourway.com/)

“(OYW) provides educational articles, an interactive blog, links back to our main website and rewards visitors for coming to the site and taking action,” Carrell emphasized. “All of this was offered at a very attractive price with a straight forward contract.

“My expectation for this service is that it remain fresh and compelling so that members return to the site often,” Carrell said.

“We have been working hard to bring in more members under 30 to create a larger pool of borrowers and to ensure that they are familiar and loyal to the credit union before wealth passes to them from their parents,” she explained.

“Ms. Carrell is right,” says Cahill. “According to wealth-watchers, Gen Y is expected to inherit more than $1 trillion by 2030. Credit Unions must be more aggressive and better skilled if they are to get their share of these customers and to help them prudently managed their financial assets.”

“Gen Y is not only more mobile, more interactive and more connected than ever before, it also is more affluent than previous groups those ages. With the right messages, tools and approaches, credit unions can cost-effectively attract, inform, inspire and reward their young adult members in a sophisticated, ‘connected’ and personalized approach,” Cahill stated.

“One thing is certain. Their competitors are already working hard to win the attention and loyalty of what is believed to be our nation’s largest ever population segment.”

The consultant believes Gen Yers are eager to learn how C.U. products and services will help them manage their income and assets. They can become loyal members as well as voluntarily recommend their credit union to friends and peers, he contends.

“Experience indicates that time and patience are required to win Gen Y’s trust,” he observed. “Mere newspaper ads no longer cut it. Targeted direct mail campaigns, opt-in e-mail educational and lifestyle messages and web-based, read-and-reward systems are vital. Once on board, these members prove to be exceptionally loyal.”

Gift cards, electronic gear and video game systems comprise OYW rewards. The CU’s Gen-Y members receive qualifying points by visiting the website on a regular basis, by referring their friends to the client credit union and by using more of the CU’s products and services.

The progressive, fun website has occasional, entertaining videos and takes only minutes to read. Subjects range from “Why am I upside down on my car loan?” to “How to select a wedding planner” to “Should I have a joint account before marriage?” And extensive library of financial topics is available for easy searches.

In addition to assisting with viral marketing campaigns, On Your Way also produces direct mail postcards and in-branch advertising for its clients to help attract member-readers and to remind them of the website.

“Our program also harnesses the C.U. co-op spirit, since all client CUs share in the cost of operating and maintaining the site, making it affordable for each one involved,” Cahill said.

Another unique feature is the ability of each client to personalize the site with its own brand colors, logo and customized content. Typical weekly maintenance time is less than 30 minutes.

On Your way offers a 30-minute, one-on-one, live e-tour of its program with a key partner providing an overview of its program’s foremost features. For more info: http://www.onyourwayinfo.com

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PRESTON F. KIRK, APR
KIRK PUBLIC RELATIONS
(830) 693-4447
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Jared Cahill, Co-Founding Partner
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