The Filene Research Institute and the Minnesota Credit Union Network have teamed up to produce a new report that aims to teach Minnesota credit unions how to attract and retain young members, MnCUN announced.
The report, “Young Adult Outreach in Minnesota: Opportunities for Credit Unions,” examines the behaviors and needs of young adults who reside in Minnesota and considers the resources credit unions in the state possess, MnCUN said.
Filene outlines five key recommendations in the report: identify the specific needs of Gen Y, enhance young adults’ awareness of credit unions, enrich products that appeal to Gen Y members and meet their needs, and measure success.
Five credit union executives formed an advisory group to oversee the report’s development: Harry Carter, president/CEO for the $327 million TopLine FCU of Maple Grove, Minn.; Marty Kelly, senior vice president of marketing and business development for the $883 million US FCU of Burnsville, Minn.; Bridget Moeller, vice president of human resources and training for the $149 million Greater Minnesota CU of Mora, Minn.; Russ Plunkett, president/CEO for the $530 million St. Paul Postal Employees CU of Woodbury, Min.; and David Sawin, president/CEO for the $26 million St. John’s of Little Canada CU of Little Canada, Minn.
“This research helps tackle the ever-growing challenge facing the credit union movement, which is how credit unions can effectively capture, develop and nurture the next generation of credit union members,” said Mark Cummins, president/CEO for MnCUN. “More than just providing data on this problem, Filene’s report takes the analysis one step further by offering practical action steps that credit unions can implement.”
Filene will also present information from the report as a webinar series and video summary, MnCUN said.