Speed and Responsiveness

To attract Gen Z and millennial members, many CUSO platforms offer user-friendly technology that enables members to open new membership accounts anytime, anywhere. An optimized, multichannel platform makes it simple and low-stress for prospective members and staff alike to complete an application. This not only meets the digital needs of millennials and Gen Zers, but provides credit unions with the ability to service these patrons in a streamlined, prompt manner. In addition, speed and responsiveness are large concerns for many millennials and Gen Zers. Reliable, customizable platforms from credit unions help to keep these concerns at bay. By utilizing platforms like these, millennials and Gen Zers will experience speed and responsiveness due to a multitude of platform features, including:

Modern, simple technology, and intuitive design and workflow;
Agile application processes with quick turnaround times;
Automatic approval and core system account creation;
Real-time, same-day and next-business-day funding options;
A responsive system that makes the loan process simple and easy; and
Unique, tailored experiences for different account types.

Ease

In addition to a seamless membership application process, today's young person expects the entire experience to be one that reduces stress. When done well, both members and staff can benefit. A customizable CUSO platform can combine sleek interfacing and third-party integration to create a flow that allows new and existing members to take advantage of functions like quick membership onboarding and simple loan application options. Such platforms can also ensure that credit unions are equipped to quickly and confidently make decisions – in some cases instantly. With so many financial institutions working to adapt to today's market, millennials and Gen Zers expect to be able to utilize certain popular features, such as:

ID photo capture and auto-fillable forms to help reduce data entry;
A web-based system that is highly reliable and always available; and
The ability to combine membership and loans to maximize efficiency.

Limiting Red Tape

Instant gratification is important to many millennials and Gen Zers. Like many businesses across a number of industries, credit unions are taking notice. Many CUSO platforms are focused on enhancing application, approval and welcoming processes to satisfy new and prospective members. Through secure, cloud-based platforms, CUSOs can help members secure approval and manage their accounts by utilizing safe and secure technological advancements. In addition, this gives members the ability to bank anywhere and anytime knowing their data is protected. Millennials and Gen Zers are able to experience safe banking through:

Instant ID verification and credit checks;
Back-end compliance and reporting that doesn't require member involvement;
Convenient e-signatures; and
The ability to scan documents using a mobile device.

All in all, the new tools and processes these CUSOs are creating will be the driving force that enables credit unions to navigate through the personal finance revolution. The upgraded experiences these platforms afford will help credit unions to gain new members and better compete with the banking giants. Through these platforms, millennials and Gen Zers are able to bank with peace of mind knowing that their experience will be met with ease, speed and highly reliable security measures. Understanding the expectations of modern consumers, it is important for credit unions to continue adapting to their needs. If credit unions are going to survive, they must learn to serve millennials and Gen Z on their terms.

Instant Insights /

Turning to Tech-Savvy CUSOs to Meet the Needs of Millennials, Gen Zers

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