ProjectNewAge.com Blog

Oklahoma Credit Union Encourages Gen-Y to “Buck the Norm”

Tinker Federal Credit Union, Oklahoma’s largest not-for-profit credit union, has launched www.buckthenorm.com, a website that encourages teens and young adults to break bad habits relating to overspending, poor budgeting and credit card debt.

As we heard before in the Bank of America “Banking with Confidence” Survey, four in 10 (38%) college-aged students reported they could use help in managing their money. The Buck the Norm website is another example of Tinker’s commitment to financial education in hopes that today’s youth doesn’t follow the “typical model of mounting debt and overspending which has hampered many American households.”

The website has all kinds of great tips and advice on general budgeting, applying for student loans, buying a car, writing a resume, acing the interview, reducing debt and more. They also offer regular scholarship contests, a glossary of terms, downloadable wallpapers and ring tones, and information on different financial products.

You can take a look around at www.buckthenorm.com. Keep checking back as weekly correspondents add new content to the site.

PNC’s Virtual Wallet Wins With Gen-Y

Back in July, PNC Financial Services launched the Virtual Wallet, an online product targeted directly at Gen-Y consumers with one checking (“spend”) account, two saving (“reserve” and “growth”) accounts and a slew of online money management tools all in one, virtual package. It was introduced with rave reviews and comparisons to other online personal finance tools like Mint, Geezeo and Wesabe.

Likewise, it seems that consumers are also responding. In a recent article in BusinessWeek, PNC revealed that they have signed up 20,000 customers in the last 4 months, 65% of them new customers and 70% of them are in the Gen-Y demographic.

BusinessWeek also points out that while the Virtual Wallet might pay “mediocre returns,” consumers are not deterred. Gen-Y consumers are much more interested in the online features that gives them a clearer picture of their finances and a better understanding of their financial status.

In fact, Javelin Strategy and Research asked 18-24 year olds how likely they were to remain a customer if their bank offered a Personal Financial Management (PFM) service integrated into online banking and 22% said it would have a "very strong effect."

It seems PFM services are not only an acquisition tool but also a retention tool.

Maybe we could all take a note from PNC on what Gen-Y consumers really need/want and the increasing importance of the “online” customer experience.

If you haven’t checked out all the cool features of PNC’s Virtual Wallet, you should stop by www.pncvirtualwallet.com.

You can also check out this video about Virtual Wallet from PNC: