In their quest to make long-lasting connections with Gen Y, some credit unions are learning the hard way that authenticity may be the key. With their ability to see through fake attempts to be hip, Millennials instead crave details on how financial products and services will benefit them—and the answers must translate on the social media channels they're using. They may also be swayed to switch from their banks if they can see what credit unions are doing outside of their branches to make a difference in their communities.
For most credit unions, young adults have become the target market, according to the Filene Research Institute.
In exclusive content from Filene available to Credit Union Times’ readers, James Marshall, leader of The Cooperative Trust, says by targeting the 18-24 year old demographic, credit unions can create a lasting and profitable relationship because they are potentially the future of the industry’s consumer base and of loan portfolio growth.
One key finding here is that 18-34-year-olds continue to use the branch more than the average member (63% comparatively to 62%) but, as expected, they also use ATM and online channels more than the average member, Marshall said.
Read more on how credit unions can form long-term relationships with young adults and three key factors that are needed to retain their loyalty in Filene’s full report, “Next Generation Needs: Examining Credit Union Loyalty Among Young Adults.”
Read more in the Nov. 13 Gen Y Focus Report: