All credit unions know their futures depend on connecting with Gen Y, but it still seems they're having a tough time doing so.
According to a recent Filene Research Institute report, “Credit Union Market Niches: Social and Demographic Opportunities,” challenges such as closed fields of membership, weak technology and even a misunderstanding of the term “credit union” stand in the way of nudging the average CU member age down from 47.
Some credit unions, however, are using creative marketing programs to build young membership and have been reporting positive results. The $668 million Vantage Credit Union of Bridgeton, Mo., for example, is making a splash with young consumers in the St. Louis area through its Gen Y outreach program, Young & Free.
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