MONTREAL – Credit unions face stiff competition when it comes to wooing today's consumers, who have become accustomed to instant gratification in a digital world. In fact, investments made by the financial technology (or "fintech") industry have tripled from $4 billion in 2013 to $12 billion in 2014, and the majority of those investments are made with millennials in mind.
Mollie Bell, chief engagement officer for the Madison, Wis.-based think tank Filene Research Institute, shared this alarming statistic, plus offered pointers for how credit unions can successfully market their products and services online, at NAFCU's annual conference in Montreal Friday.
"Credit unions need to have a plan for how to win over the hearts and minds of millennials if they still want to be around in 20 years," Bell said.
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