17 THE NAFCU JOURNAL NOVEMBER–DECEMBER 2022 DUFCU is not as large as other credit unions near or affiliated with universities. The 16,000-member institution has one branch, which is adjacent to but not on campus property, and 35 team members. The credit union serves students, staff and faculty, and retirees at the university and the affiliated health system as well as their family members. “We only began offering products and services to undergraduate students five years ago, so we are still building those relationships,” said Sider. Because the credit union is only one of several larger, more traditional financial institutions that exhibit at new student orientation, an ambassador program was used to differentiate the credit union from others this year. “We hired four undergraduates to work at the events to distribute information and covered the expenses of campus influencers who posted financial tips from the credit union for two weeks,” she said. “The results were positive, but we realize that to keep the momentum, it would be necessary to extend the program throughout the year.” Her future plans include evaluating the creation of a student advisory board to provide feedback, suggestions and insight into the best ways to engage students. Offer Student-specific Programs Loans that are specific to the student experience are also attractive to the younger audience. Study abroad loans as well as graduate student loans to bridge the gap between scholarships, workstudy or part-time income are popular. MSUFCU also provides a loan for students volunteering with Spartans without Borders and awards $1,000 through the MSUFCU Internship Opportunity Award to help cover out-of-pocket expenses when students are working at unpaid internships. “Gen Z members want to do business with socially responsible organizations,” said Davis. “Our employees and our organization support community and student-based organizations, and we make sure we are continually sharing that story via social media in our various communications.” DUFCU also responds to their members’ desire to be part of something bigger and give back to the community with its main charitable partner, Duke Children’s Hospital and Health Center, said Sider. Efforts to partner with organizations include the graduate student association, for whom grad-student-specific loans were created and promoted, recognition of student groups at sporting events and use of graduate students for business projects and inclusion at board meetings. Sider’s team has also found a muchneeded way to help a segment of the Gen Z audience. “International students can build U.S. credit with a share secured credit account,” she explained. Without a Tax ID they may not be eligible for a loan but can use this card to establish a credit history that will be helpful in the future. “ We’ve found that college-student-aged members are not interested in decorative items, but want practical items. Our most popular giveaways are pens, water bottles, adhesive hooks to use in dorm rooms and key chains with rubber basketballs—a very popular Duke item. ” JENNIFER SIDER, MBA, DIRECTOR OF MARKETING, DUKE UNIVERSITY FEDERAL CREDIT UNION
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