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Warning to Execs: Credit Union Members’ Children Aren’t Joining, Survey Shows

This updated survey indicates if the issue is not addressed, generational wealth transfers could prove “devastating” for CUs.

By Michael Riccardi | August 20, 2020 at 12:55 PM
small child helping parent at the ATM Source: Shutterstock.

To remain viable, credit unions must encourage retention of family members across generations, according to a digital banking platform provider that has released a study of customer loyalty to financial institutions.

According to Chris Doner, founder and CEO of the Berkeley, Calif.-based Access Softek, the top line finding of the poll was that the vast majority - up to 90% - of credit union members are not encouraging their children to bank at their institutions.

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