3 things your financial institution can learn from Justin Bieber’s Purpose Tour

Freeway

Like all cool moms, and secret, slightly older Justin Bieber fans, I scored two tickets to take my daughter to Justin Bieber’s much talked-about Purpose World Tour. Sporting complementary Bieber t-shirts and enormous smiles, we braved the screaming masses to witness this event firsthand.

While my daughter slept in the backseat after the show, I sat patiently in obscene traffic leaving Quicken Loans Arena. I had plenty of time to replay my favorite moments of the concert – my daughter’s excitement, the impressive pyrotechnics, dancers on skateboards and Bieber appearing beneath a shower of artificial rain.

I also recalled a blog I wrote a few years ago about the “Biebs.” Of course, when I got to work the following morning, I had to tell my coworkers all about the event and decided I had to write another Bieber-related blog.

Wait, there is something in it for you non-Beliebers! Don’t stop reading!

You see, even without a “My Mamma Don’t Like You” t-shirt, battling terrible teenage drivers in post-show traffic or witnessing the ear piercing screams firsthand, here are three things your financial institution can learn from the set list at Justin’s Purpose World Tour:

  1. “Children”

In “Children,” Bieber poses thought-provoking questions like,What about the children?” and “What about a vision?”

Attracting young customers and members should be a focus of all your growth initiatives. After all, Millennials have been helping drive mobile technology adoption in credit unions and banks. These younger people expect to be able to quickly apply for new accounts and loans, deposit checks, pay bills, transfer funds, and receive alerts via online and mobile devices.

Can they do that at your financial institution?

But that’s not all. Credit unions and banks need to be prepared and start planning for what’s up next, Generation Z, whose oldest members are entering college now. These kids, much like Bieber, have grown up using tablets and smartphones before even being potty trained!

Making up 25 percent of the US population, it’s crucial to incorporate them into your credit union’s future vision plans.

  1. “Baby”

Bieber’s Baby” is the song that launched him into stardom in 2010 at the young age of 16. The video became the most viewed video in YouTube history until it was surpassed by Psy’s hit single, “Gangnam Style,” in 2012.

Yes, this was six years and countless songs ago, but Bieber tour planners are smart enough to know that his fans want to hear this song that began it all. So they gave them what they want.

Is your organization playing your fans’ favorite songs?

While you should be focusing on the generations of the future, you also can’t forget about your Baby Boomer members and customers – those who have been relying on your services for decades. In fact, survey results show 65 percent of boomers plan to work past age 65 and just over half will work post-retirement. There is a need for education about retirement plans, financial planning and Social Security and Medicare programs that your financial institution should employ to assist them with this monumental lifestyle and financial transition.

  1. “Purpose”

Purpose is the title track of Bieber’s fourth album and the title of his world tour. Obviously, this song leads me to think about making a difference in your community. Social responsibility, superior service levels and the well-being of your customers and members is at the heart of every financial institution’s purpose.

Simply put, you should exist to serve your customers and members. The Biebs says so.

So stand proud and loud. Remind your customers, members and your community of the ways you give back and what they mean to you.

Let them know: “You give me purpose every day. You give me purpose in every way.”

I hope the next time you hear the latest Bieber track you put the windows down, crank up the radio and sing along shamelessly. Feel free to justify it by thinking about what your financial institution can learn from his songs.

Or follow my lead and blame your potentially questionable music choices on your 7-year-old and her friends.

Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle Shapiro brings more than 15 years of experience in the banking industry to her role as Financial Services marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of ECM as a tool for banks, credit unions and lenders to help automate paper-based processes and proactively manage regulations.

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