We gained a deeper awareness of this human-centric approach to data during the process of developing this year's What Matters Now research report. This report is the fifth in our research series developed for credit unions, but this year's report is unique in many ways.

A New, More Wholistic Look at Consumers

For the first time, we've included data on Native American, Alaskan Native and Indigenous consumers – growing populations that are often overlooked. We also included data on multiracial consumers, as well as a new generational group, Gen Z. This is not just new for us, but new to research in the field overall. Until now, these groups have been overlooked and excluded from much research.

Adding data for these groups is one thing, but doing so in a way that showcases the voices of these consumers and honors their experiences is also key to success.

We learned three key things in the process.

• The methodology matters. We used both qualitative and quantitative research so we could fully grasp the information being shared. We worked to understand and provide psychological safety so our participants could fully tell their stories.
• Credit unions want inclusive data. Credit unions want to serve more consumers and are asking for this kind of information. As a movement, we're looking for the best ways to serve multiracial, Native American and LGBTQ communities, and have been hungry for information like this.
• It's important to be intentional. We were clear that we wanted to ensure populations that haven't been represented in previous research were included here. That meant we had to adjust our process and timeline, but we didn't lose sight of that intentional focus.

Why Does the Process Matter?

In the development of this report, as in all multicultural business strategy, both process and outcomes matter. If we don't take the time to fully listen and appreciate the experiences that make up the report, we won't fully understand the data.

With multicultural consumers being the growing force, and as Gen Z and millennials continue to change life stages, credit unions need to understand all parts of their identity and serve them with intentionality. It's not enough to just know the what; we also must know the why if we want to make real change to help more members. To get to that outcome, the process matters.

Key Insights

From product preferences and ownership to financial habits to consumer worries, hopes and dreams, this report contains insights to help our industry better serve all consumers and live out our founding purpose of people helping people.

Here are just a few of the key findings:

• Cryptocurrency popularity: Twenty-seven percent of multiracial consumers, 22% of Black consumers and 30% of millennials own cryptocurrency. Continuing to track crypto and advise members will be increasingly important.
• Online presence: Black, multiracial and millennial consumers are more likely to check the online presence of a financial institution before working with them.
• Daily check-ins: In addition to checking online presence before becoming customers, 43% of consumers now say they check their financial accounts on a daily basis, and those numbers are even higher for many multicultural groups, millennials and Gen Z.
• Trustworthiness: Multiracial and Gen Z consumers tend to have lower trust in their primary financial institution (PFI). In fact, less than half of Gen Z consumers reported trust in their PFI, compared with 75% of baby boomers.

To read the full report and analysis of these results, visit our website. From the intentional process to the specific insights, we hope this research shines a light on the experiences and voices of multicultural consumers and provides meaningful data to guide your multicultural business strategy.

Opal Tomashevska

Opal Tomashevska Director of Multicultural Business Strategy CUNA Mutual Group Madison, Wis.