Mainebiz Finds: ”Strong Products, Services At Maine Credit Unions Aimed At Generation ’Y’!”

Monday, December 31, 2007

In a recent issue of Mainebiz, the largest business publication in Maine, the products and services available at Maine credit unions aimed at Generation 'Y' was the focus of a lengthy article in the publication.  The article highlighted the strong focus on technology by credit unions to meet the needs of this technology-savvy and focused age group, which refers to individuals born between 1981 and 1995.

The article interviewed a variety of sources including Steve Van Rensselaer, VP at Atlantic Regional FCU, who explained, "Maine credit unions have a number of financial services products that appeal to this Internet-savvy age group and we need to highlight the fact that not only do we have that technology but, a lot of times, credit unions have been early adopters of technology." Adam Morris, marketing manager at Five County CU, noted a new product that is now available called, Opening Act, and was introduced at the credit union a few months ago. "We were the first credit union in Maine to begin using this product, which enables consumers to open accounts online, making it much easier to join a credit union," Morris continued.

Luke Labbe, President/CEO of PeoplesChoice CU, was also quoted in the article. Labbe noted, "There is still a perception among younger consumers that credit union membership is still very restricted when, in fact, there is a credit union for everyone in Maine to use."

Maine Credit Union League President John Murphy told Mainebiz, "Maine credit unions are reaching out to Generation 'Y' through education and offering specific products that can be marketed to younger generations."  Murphy also pointed to the successful Financial Fitness Fairs that credit unions are holding across Maine as a great way to teach kids about financial literacy and introduce them to the benefits of using a credit union, too.

The article also highlighted the fact that a number of Maine credit unions are considering or in the process of launching pages on the popular social-networking sites, Facebook and MySpace. In addition, a number of credit unions are also posting their television commercials on YouTube, something that the Maine Credit Union League did last summer with the four new commercials that are airing as part of the 2007/2008 Statewide Awareness Program. Since being posted, the commercials have been viewed nearly 200 times.