13 August 2008

A Maddening Idea

EA Sports' Madden '08 was released yesterday. At lunch, I drove over to Best Buy and picked up a copy. Besides the amazingly high $60.00 price, one thing struck me about this transaction. I now own every Madden Football release since 1994. And in nearly every case, I purchased these games the very same day they were released.

Now don't get me wrong, this is a great game! But that's some serious cash I've dropped on mindless entertainment.

How many other people out there do the exact same thing? I'd wager there are quite a few. This got me thinking. Can a credit union build community out of non-financial services? What about a video game library?

Young adults (anyone for that matter) could open a "Video Game Account" (not clever, I know...just came up with this idea) that would allow access to the credit union's video game library. To check out a game, members must have a balance equal to the market price of the game and must make a $5.00 deposit. If the game never gets returned, no sweat...the savings deposit serves as collateral. A la Netflix, keep the game as long as you want as long as you make monthly deposits into your account. The member enjoys a free video game library and is voluntarily becoming a good saver. The credit union attracts young members for a small investment and increases deposits.

Supplement this idea with monthly video game tournaments on location or online for ways to win bonus deposits to members' accounts.

This could work for books, video games, wedding/prom dresses, all sorts of things... There, I said it. Patented thought exhibitionism - what do you all think?


Ben said...

I would do it if they loaned out exotic cars ... although I'm not sure my share account balance is high enough for collateral.

Dan Veasey said...

Man, I love it!

@ben: It could have a line of credit attached for big ticket items.

CU Ninja said...

Great idea, could be a unique way to draw in Gen Y members...

Aaron said...

I just discovered you blog, and I am still skimming over it, but this doesn't sound like a bad idea.

I do have a question for you:

Is your CU 'up-to-date' on technology and appealong to Gen Y, or even Gen X? I work at a CU myself, and I am trying to find ways to convince management to get a little edgy or more modern.

Matt, the Credit Union Warrior said...

@aaron It's not about convincing upper management to be a little more edgy or modern, it's about convincing them that status quo is not giving them their intended results. Impressive growth requires some degree of risk. Your key is to justify (and minimize) risk as a means to get your executive team what they, and your CU, want.

Aaron said...

My CU is having no real growth problems, so perhaps they just aren't ready to try new things...

We just acquired to large SEGs, both universities, and we have got to find a way to appeal to them.

I have been researching ideas on blogs, facebook, and such in order to facilitate this. I do intend to show them that there really is minimal risk in a blog that is comepltely honest and out there to educate and inform our members instead of trying to sell them something.

Thanks for the help, and I will be reading more!