Guest Opinion: The Option-Fueled Generation
By the year 2020, the population segment we all refer to as Gen Y could reach upwards of 95 million and make up 36% of the adult population in the U.S. There is no doubt that this consumer group is becoming more relevant than ever.
And with that, financial institutions are competing for their business. Young adults are transitioning through college, entering the workforce, starting families and making large purchases such as homes and automobiles.
Yes, these folks are more technologically savvy than most; however, that does not result in a complete allegiance to electronic processes. Instead of focusing their attention on replacing traditional business methods altogether, credit unions need to look for opportunities to expand their services to include multiple options to transact away from a branch and via multiple platforms. Gen Y simply requires the availability of options so that the choice is there should they want to take part. Here’s what credit unions must consider:
Branch – Yes, we have all heard that branch traffic is declining and that it is less favored than the assumed more convenient online service alternative. However, leveraging paperless technologies in-branch at the teller line or with loan officers via signature pads and tablet devices, for example, can entirely transform the branch atmosphere. They remove employees’ restrictions to their desks, enabling a more personal, attentive member experience. They offer members the option of a tablet, kiosk, teller interaction or ATM over in-branch should they choose.