ryan ruud For credit unions that are interested in appealing to younger consumers, the solution is rather straightforward – focus on perfecting the member experience, both online and offline.

"It's not about appealing to a generation," Ryan Ruud, CEO/founder for The Credit Union Consulting Group, said. "Stop asking how we can reach millennials, Gen X or whatever generation or member segment. And start with the question of, 'What can each generation teach us about improving our member experience?'"

A Filene Research Institute report titled, "Coming of Age: Young Adults in 2015," found that 73% of millennials are more likely to be excited about a new offering in financial services from Google, Amazon, Apple, Paypal or Square than from a traditional financial institution. Furthermore, in part two of its Young Adult Membership Growth Series, a recent World Council of Credit Unions report titled, "Lessons for Young Adult Membership Growth," further drives Ruud's point home. The report provides 14 case studies from 10 countries detailing how to effectively reach and serve younger consumers, and in one instance, Sam Maule, emerging practice lead for the Charlotte, N.C.-based Carlisle & Gallagher Group, shared that in the digital age, the mantra "save me money" applies to all age groups, income levels and ethnicities.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.