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young consumers on smartphones Source: Adobe Stock

The average age of a credit union member today is 47 – a whopping 10 years older than the average American: A 37-year old millennial. Millennials and Generation Z already hold a combined spending power of nearly $3 trillion and have the financial sway to make or break industries and institutions – including credit unions.

Millennials average 114 interactions each month with their financial institution, according to The Financial Brand – four times the average of other generational groups. Seventy-five percent would switch from their primary financial services organization for one single feature: A better mobile app. What’s even more concerning for credit unions is that 85% of millennials are interested in non-traditional banks such as Amazon, Apple or PayPal (though, interestingly, GenZ may prefer financial institutions).

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