A 70-year-old man happened upon a genie one day who promised to grant him one wish. Without hesitation, the man cast a mischievous grin toward his aging wife and chuckled, “I wish I had a woman that was 20 years younger!” Poof! And just like that, the man was 90 years old.Credit unions are also trying to tap that fountain of youth. Those that want to succeed in attracting younger members and millennials soon discover that they, like the 70-year old man, must also radically change. But it’s not a shot of Botox. It’s not hair implants or a new Tesla. Credit unions that drink from this fountain must actually become younger, changing the way they think and the way they invest in technology.3 tips to reach younger members:Buy a surfboard: Waves of opportunity with the younger generation roll by quickly. So quickly that by the time you feel the pull of the current, you’ve already missed the wave. Think about the recent release of Pokemon Go and how it has swept the world in a week’s time. Businesses are already looking for ways to ride that wave. As you study trends and identify the right waves to catch, be agile. A moment’s hesitation can leave you flailing and exhausted as the crest of the wave rolls beneath and you watch your competitors glide ahead with relative ease. Social media and marketing professionals note each wave’s potential to achieve “critical mass”, a “tipping point” whereupon the adoption of the new technology can become self-sustaining – like riding a wave. Early adoption of technology is a key factor in achieving critical mass, and credit unions should time their investments and launch of new services with that in mind.Live in the moment: Be there! Youth today have the world in the palm of their hand. If you are not mobile – you are not in their world. Mobile technology is no longer a novelty. For the younger members, in particular, that app icon on their mobile device carries as much weight and relevance as brick and mortar did to your founding members. If they want directions, they say “Siri, take me there.” If they want a loan, they will say “Siri, give me money”. Recent innovations in mobile lending technology have made that very nearly possible. Of all the waves that a credit union cannot afford to miss, the mobile banking opportunity is the big kahuna and the one most likely to attract and keep those younger members.Fight the law: The efficiency of technology doubles over time. Moore’s Law dictates it, or so we’ve been taught. So, we could wait to invest in better mobile technology, but ask yourself, “How much did you pay for your last smartphone?” (The year old iPhone 6s now retails at $649!) In fact, the price for mobile services is not likely to fall anytime soon, and certainly not before this wave reaches its critical mass. Credit unions need to break the rules and invest early to maximize their return. Reaching the younger generation requires that your credit union reclaim its youth. As you return to adolescence, you may even go through an awkward phase, but you’ll get through it. Make the change and don’t look back. Believe in yourself and other young people will too. 35SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Preston Packer Preston Packer is the Director of Sales & Marketing for FLEX. Preston has been with FLEX since 2000 and has worked in various sales management roles over that time. Preston’… Web: www.flexcutech.com Details
Dutch pension funds reduced their combined asset management costs from 0.47% to 0.45% during 2016, according to supervisor De Nederlandsche Bank (DNB).The reduction meant pension schemes paid asset managers roughly €5.6bn during the year.DNB said that asset management costs at most pension funds ranged from 0.23% to 0.7%, and depended on a pension fund’s scale, its asset allocation and its use of active management.More than three-quarters of the schemes reported asset management costs of less than 0.5%, while 3% of schemes incurred costs of at least 1%. Management costs per asset class varied from 0.1% on average for fixed income to 3.3% for alternative investments. However, alternatives costs dropped from from 4.58% in the previous year.The regulator said that management costs of property fell from 0.74% to 0.68%, and equity costs declined slightly from 0.23% to 0.22%.Management costs of hedge funds and commodities dropped to 2.61% (previously 2.62%) and to 0.24% (0.26%), respectively.DNB said that it was important that pension funds had a clear vision of asset management costs, taking into account the added value of an investment, alignment of interest with the asset manager and cost transparency.It emphasised that asset management costs should play an important role during mandate negotiations with an asset manager. Pension funds should make clear which cost constructions would be acceptable and what the criteria would be.DNB also emphasised that, in order to prevent conflicts of interests, broad expertise within a pension fund’s organisation was crucial for assessing deviations from agreements.Gisella van Vollenhoven, DNB’s new director of supervision, said that technological innovation and sustainability would be among DNB’s focus points for 2018.The watchdog would also pay extra attention to financial and economic criminality, she indicated.
Naval Group has, under the Future Submarine Program, signed the first phase of the Submarine Design Contract. The Submarine Design Contract is the first contract work scope to be fully executed under the Strategic Partnering Agreement.The scope for this phase of work includes the ongoing maturation of the Attack Class design as it progresses into the next design phase known as the Definition phase.The Submarine Design Contract also includes ongoing preparations for the build of the Attack Class in the Osborne shipyard in South Australia, including ongoing support to Australian Naval Infrastructure (ANI) for the design and build of the Submarine Construction Yard and the ICT systems that will be employed in there.“There is tremendous continuation and progress being made with the Future Submarine Program,” said Jean-Michel Billig, executive vice president Future Submarine Program, Naval Group.“The signing of the Submarine Design Contract is another significant milestone in the journey of the Future Submarine Program.“Through the execution of this Program, the Naval Group teams in both Australia and France will deliver a sovereign, regionally superior submarine capability to Australia.“In doing so, we will also help build a stronger Australian industrial capability, which will be supported by a skilled and experienced Australian workforce, providing jobs and other economic benefits for decades to come.”The first phase of the Submarine Design Contract is worth $605 million and will extend through to 2021.
MASON CITY — One person was arrested after a pickup crashed into a pair of homes in southeastern Mason City on Monday afternoon.The Mason City Police Department says they tried to stop a pickup in the area of 5th and South Vermont. Officers say the truck sped away and later hit a parked car near the intersection of 7th and South Vermont, continuing on to hit a parked car in a driveway and then hitting two houses in the 900 block of 7th Southeast.Police say 21-year-old Sidney Garcia of Mason City was the driver of the vehicle, and was charged with failure to maintain control, not having a driver’s license or proof of insurance, and eluding a police officer.29-year-old Terry Arp of Mason City was taken to the hospital for treatment of non-life threatening injuries.