Millennials aren't childrenanymore. They are 18- to 33-year-olds who are active in theworkplace, are carrying debt, and have a completely different viewon financial institutions than the generations before them. Oh, andthey will be inheriting $30 trillion over the next couple ofdecades.

Credit unions that have added new technology and revamped theircustomer service approach to serve this generation are light yearsahead of those thinking traditional approaches will work justfine.

Millennials have watched the dot-com bubble burst, the crash ofthe housing market, the Great Recession, and the blaming for mostof these financial calamities on reckless financial institutionsand predatory lenders.

This is a generation that has a default setting of distrust.Where once people trusted until they were given a reason todistrust, this generation is looking for a reason to trust.Institutions are not given trust; they must earn it.

Only 19% of Millennials say most people can be trusted ascompared to boomers (those born between 1946 and 1964), where 40%of those surveyed say most people can be trusted.

Along with the distrust and wariness, they are more risk aversein their dealings with investments and handling their finances.They are more comfortable with alternative financial options(payday lenders) than other generations. In fact, this cautiousnature doesn't just apply to financial institutions; it applies tohow they approach many traditional institutions.

According to a 2013 Pew Research study, the number ofindividuals married between the ages of 18 and 32 is 26%,significantly lower than when other generations were in this agegroup (for Gen X, 36%, and for boomers, 48%). Also marriage isbecoming more common among the affluent, which may indicate asocial-economic influence on the structure of a family. In 2012,47% of births to women of the Millennial generation werenon-marital.

Religion is also an institution on the wane for this generation,with only 58% saying they are certain God exists and 36% describingthemselves as a religious person.

With a different orientation of trust, family structure,religion and view of financial institutions, is it any wonder theyhave to be reached in vastly different ways than how members aretraditionally reached?

Next Page: Yet, Still Optimistic

Milliennials are optimistic about their personal finances. Themajority of those surveyed say that have enough money to lead thelives they want and believe the best years are ahead. However, thePew study indicates that Millennials are the first generation inmodern history to have higher levels of student debt, poverty andunemployment and lower levels of employment and wealth than theirpreceding generations.

Their drive for material wealth has been replaced with a greaterfocus on affordable quality of life needs, with the one exceptionbeing technology. Smartphones, tablets and other personal usetechnology are worth sacrificing for in the minds ofMillennials.

Home ownership continues to be a priority for this generation.In fact, according to the National Association of Realtors,Millennials now comprise the largest share of home buyers. Eventhough tight credit and high debt loads are limiting their abilityto purchase a home, their desire for the long-term investment ofowning a home is significant.

Building trust and collaboration will draw the Millennialgeneration through your doors. Millennials are looking forfinancial institutions to be more of a partner than an approvalprocess, to teach them about financial management and to work withthem in difficult times. The payday lenders will provide them withthe $1,000 loan to get repairs done on their old vehicle – willyour credit union? If so, how are you letting them know you aretheir partner, especially in the tough economic times?

Older generations typically were married before attempting ajoint income first home purchase. Today, Millennials are having topool resources among unmarried partners or a collection ofroommates. How well does your mortgage approval process work withthese type of borrowing parameters?

Finally, Millennials are vastly comfortable with texting as asignificant means of communication. Face-to-face conversations canbe uncomfortable, especially when doing something unusual orunfamiliar, like taking out a mortgage. This more formaltransaction style can trigger all sorts of distrust issues forthem, unless they have been prepared for such a conversation.

Because this generation is different and less structured intheir interactions, traditional financial institutions have turnedaway from grasping this generation, which is almost as large innumber as the Boomers. The Millennial Marketplace is wide open forthose credit unions ready to communicate the message of membershipin a trusting, approachable partnership through technology and oneon one coaching. Are you ready to reach the MillennialMarketplace?

Russell J. White is president of Banking Agility inCharlotte, N.C.