Challenging Channel Assumptions

by. Dan Kaiser

I came across an interesting stat the other day and had an enlightening conversation soon after. I’ll get to the conversation in a bit, but first the stat:

According to the Pew Research Center Internet & American Life Project, May 2013 Tracking Survey, 56 percent of people aged 45 to 54 (younger Baby Boomers) own a smartphone.

The younger age groups had the ownership percentages you would expect–high 60s to low 80s. But the stat above caught my eye–in that group, which has established itself financially and is starting to seriously plan for retirement, a majority have smartphones. Even the next age bracket of pre-retirees–55 to 64–had a surprisingly high penetration of smartphones at 39 percent.

The takeaway for me was that credit unions need to address the mobile channel to reach all their members, not just Gen Y. A CEO for a rural northeast credit union recently told me that they were waiting on mobile because the technology wasn’t relevant for their members. I trust he knows his community, but I’m not sure how long a CU can wait.

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