15 THE NAFCU JOURNAL NOVEMBER–DECEMBER 2022 The age breakdown, by generation, for members of the MSU Federal Credit Union is: ■ 26% Gen Z ■ 29% Gen Y (millennials) ■ 21% Gen X ■ 20% Baby Boomers ■ 4% Silent Generation The 341,691-member credit union includes students, faculty, staff and alumni from Michigan State University, Oakland University and select employer groups throughout the state of Michigan. “We see different behavior in each generation of members,” said Deidre J. Davis, MSUFCU chief marketing officer. “For our overall membership, 36% use mobile deposit but for those who joined as students, the mobile deposit usage is 53%.” The convenience of not having to visit a branch to transact business is just one way MSUFCU appeals to the younger generation. Research shows that while Gen Z has the lowest financial literacy of each of the five generations, 52% of Gen Z respondents to one study say that they are focused on improving their knowledge.2 “We offer Financial 4.0®, a free financial education program to all members but the topics are geared toward younger members who are still in school or about to begin their careers,” said Davis. The program is offered online via MSUFCU’s website as well as the Financial 4.0 for MSUFCU mobile app as a series of videos, podcasts, infographics and blogs and in-person or virtual seminars. “There are five neighborhoods, or residential areas, on the MSU campus, and our financial education team hosts seminars in all of them, offering students information on topics relevant to them,” she said. These topics address all stages of the college student’s journey from initial budgeting tips, ways to establish credit and the value of internships for students in their first years to housing considerations, investment basics and networking advice for students in their later years. “To help encourage attendance, we sometimes have prize drawings for attendees or give all attendees a free gift,” she adds. “Focusing on loyalty is important. It allows us to create long-term members by developing a trusting relationship with students early in their college experience,” said Donna Dickerson, vice president of brand and marketing for the University of Michigan Credit Union (UMCU), a 115,000-member credit union serving University of Michigan, Eastern Michigan University, Washtenaw Community College and nearby communities. The credit union demonstrates its commitment to serving students with relevant product packages crafted specifically for students that include free checking accounts with university-branded debit cards. “Students also want technology that is easy to use,” said Tiffany Ford, president and CEO of UMCU. Based on feedback from students, UMCU converted its mobile and online services to a new platform that is more intuitive, robust and simpler to use. “ Focusing on loyalty is important. It allows us to create long-term members by developing a trusting relationship with students early in their college experience. ” DONNA DICKERSON, VICE PRESIDENT OF BRAND & MARKETING, UNIVERSITY OF MICHIGAN CREDIT UNION
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