Graduation season has arrived and with it presents a unique opportunity for member acquisition. The Class of 2019 is filled with young people looking for advice and support as they navigate newfound financial independence.
For many of them, it’s their first time setting up savings and retirement accounts, opening credit cards, and applying for loans outside of financial aid. Suddenly, they have become the sole decision-maker, weighing the benefits of banking with particular financial institutions.
That’s why it’s the perfect opportunity for Credit Unions to be at the forefront of these conversations, acting as a guide and bridging the gap between a new generation.
Here are a few things your Credit Union can offer when building these relationships:
- Offer advice on topics like paying off student loans, saving for your first home, and managing finances after college.
- Consider offering personalized product/services packages – helping them get on their feet after graduation with a suite of services at no cost.
- Re-purpose your signature loan as a “Starter Loan” for those needing a little help relocating or getting settled in a new place after graduation.
- Re-purpose a card product that could either carry a low max-balance or be share secured – helping them build credit and take care of needs like renting a vehicle or travel.
- Utilize social media and/or any blog or discussion forum on your website to share tips on writing resumes and interviewing – financial literacy starts with having a job, after all.