Winning the Rising Wave of Next Generation Banking Consumers

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The events of the past year have had a significant impact on how individuals, especially younger generations, approach their personal finances. According to a recent study from Next Caller, a Pindrop Company, 74% of Gen Zers and millennials say they are more interested in saving, investing and taking out loans than they were a year ago, perhaps signaling an ongoing trend of individuals jumping at the opportunity to take advantage of low interest rates, refinance opportunities and a booming housing market.

For credit unions, this presents a window of opportunity to leverage traditionally attractive rates, terms, fees and a personalized approach to win new business. But considering this younger demographic has typically evaded credit unions in favor of national banking options, it may not be that simple. In fact, the same study mentioned above found that millennials are the least likely age group to exclusively bank with a credit union.