service is a good example of product tailoring. Members have access to a full portfolio of financial services—including long-term care, retirement planning, estate planning, education funding, and wealth management—provided by longtime AnheuserBusch Employees’ partners CUNA Brokerage Services, Madison, Wis., and The Moneta Group, a St. Louis-based financial advisory firm. “Those with more basic needs are typically a good fit for the CUNA Brokerage planning services,” says Alsup. “Those with more complex wealth management requirements often choose The Moneta Group.”
The credit union makes information available to staff at the member-contact level as much as possible. “If a member calls in or comes into a branch, our staff can access information to review a member’s account profile to see what offers we’ve made to them recently,” says Alsup.
The credit union also offers traditional services such as checking and deposit products, insurance, mortgages, home equity products, credit cards, and loans. And offering excellent rates is a key component of the credit union’s brand promise. “We recently received the Datatrac Great Rate Award on our deposit products,” says Alsup. “Our baby boomers are looking for great value, and we’re known for delivering.”
Eagle Advantage. Qualifying members age 55 or older receive free checks, American Express Travelers Cheques and cashier’s checks, plus a subscription to the credit union’s Eagle Advantage publication. Members also are invited to special events. “Our new approach (which included a name change) acknowledges that there are distinct segments within the 55-plus age group,” says Alsup. “In the past, we might have sponsored an event geared to an older age group. Our most recent event was an evening at the Omnimax theater so people could bring their kids—or grandkids.”
Anheuser-Busch Employees’ complements its product and service mix with a variety of educational resources. These include both online tools—calculators, financial workbooks, and similar materials—and seminars and workshops on retirement, home buying, Social Security benefits, and more. The credit union strives to make it easy for members to stay with the credit union even if they leave the geographic area—a real draw for mobile boomers. “Free online banking and bill pay help ‘snowbirds’ keep their accounts with us. We’re also part of a national shared branch network,” says Alsup.
Personalize messages in all channels Individual member profiles, created using Customer Power from NCR, Dayton, Ohio, allow the credit union to personalize marketing messages and tools to boomers. When a member uses the credit union’s online banking resource, personalized promotions pop up based on data gleaned from the tool. “Our baby boomer members use our online channels extensively (36% of those born 1946-1957 and 48% of those born 1958-1962 use it), so this is an effective way to get a tailored message out about products and promotions that seem like a good fit,” says Alsup.
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Benefits for boomer members Anheuser-Busch Employees’ has programs designed particularly for baby boomers as well as some skewed toward them because of program requirements— typically a minimum level of deposits or loans:
Member Rewards. Though this program appeals to other age groups as well, many participants are baby boomers because of the loan/deposit requirements of the three-tier program. Participants can qualify for a variety of product discounts and free services based on their relationship with the credit union. “This program is a win for us and the member because it rewards increased relationships with the credit union,” says Alsup. Legacy Members. This new program is for members who have been with the credit union for 10 or more years. “This is a program that will focus on invitations to special events and gift offers,” says Alsup. “It’s a ‘thank you’ for choosing us to be your credit union.” Anheuser-Busch Employees’ has often found it can most effectively serve baby boomers by partnering with outside resources. But Alsup knows this can be accomplished only with effective due diligence. “We look for companies whose philosophy and service approach mesh with ours. We are very protective of our members.”
BEST PRACTICES
The Rewards of Baby Boomer Partnerships