Retirees Stay Involved
The Random House Dictionary defines “demography” as “the science of vital and social statistics, as of the births, marriages, etc., of populations.” So, then, it only makes sense that demographics be used in determining the likes of new customer-based programs run by businesses to better the lives of their customers. To do this, they must recognize their demographic base, something that Suburban Bank & Trust in Wood Dale is demonstrating a fine example of.
Jenny Rabideau, Vice President/ Director of Marketing at Suburban Bank & Trust, says that with an aging boomer population in the DuPage County area, park districts are among many public vehicles that have stepped forward to provide a number of diverse programs aimed at early retirees who want to remain active, travel or give their time or money to others through volunteer work, and Suburban Bank & Trust has followed suit.
On March 21, the bank launched a new campaign called Enjoy! at all 10 of its locations. The program, according to Pamela Major, director of Enjoy!, is one that rewards people who are age 50 and up who maintain at least $1,500 in a transaction account with Suburban Bank & Trust.
“The package consists of financial, educational and social benefits, which are tiered and increase depending on the deposits of the member,” said Major.
According to Major, there are a total of six tiers, with each offering additional member benefits. “The benefits range from free banking services to discounted travel,” she said, including one-day trips and extended tours through the United States and Europe.
Once a member reaches a higher tier, they will be able to take advantage of discounted fees on Investment and Financial Planning offers, as well as invited to a quarterly VIP Breakfast and Annual Appreciation Luncheon. When a member meets the required balance of $1,500 in a transaction account, they are moved to a higher tier with CD balances.
Rabideau sees the program as a perfect way to capitalize on the county’s trend, allowing for people of this age group to financially plan for their futures as they begin to think about retirement. Enjoy! also enables people to earn discounts toward travel, which will allow them to take advantage of something they want to do.
“These aren’t people who want to sit around,” said Rabideau. “They want to be active and travel and see the world, and this is the perfect way to do that, while still remaining in control of their financial concerns through planning and workshops.”
Suburban Bank & Trust, which recently celebrated its 30-year anniversary in Wood Dale since taking over for First Security Bank, sees this as win-win situation for itself and early retirees. The bank’s staff continually observes and holds internal discussions on how to improve the program.
“Regular communication with our membership and the Enjoy! Advisory Board provides valuable feedback and input as we continually update our programs to deliver content that is relevant and interesting to younger retirees, as well as to our older members,” Rabideau said.
As demographics continue to play a strong role in how business is done in the world, so does the notion that its people can reap great rewards by taking risks.
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