Take a Cue From Gen Y to Improve Member Engagement
As retail banking channels converge and innovations continue, an engagement strategy is beginning to emerge that will not only position your credit union to better attract Gen Y but will set you on a course for greater general consumer engagement regardless of demographic.
Though the population at large might not define themselves by their technology preferences, Gen Y is the canary in the coal mine when it comes to understanding where all demographics are headed.
Rule No. 1: It's All about Engagement. Offer services that allow expression and collaboration, invite dialogue and engage members of all ages in conversation. This can be done through message boards and blogs and social network sites. Blur the lines between your products and your marketing-make them seamless. Find ways to better interact and engage members through every payment channel: branches, ATMs, call centers, mail, online bill pay and more.
Rule No. 2: Be On-Demand as Well as Online. Establish ways members can interact with your credit union via online and mobile banking. This goes to the heart of access and convenience that all potential members demand and is a key component to compelling a greater cross section of your membership to regard your credit union as their primary financial institution.