The report offered seven keys to attracting Gen Zers and millennials:

Provide a modern, highly available digital experience. According to the report, 80% of Gen Zers and 81% of millennials said digital banking is at the core of their banking preferences, and they also expect it to be available 24/7. About half of Gen Zers (51%) and millennials (58%) are currently satisfied with their financial institution's digital banking availability, the report found.
Offer in-demand digital features that appeal to younger consumers in particular. These include P2P payment services, account-to-account transfers, budgeting and expense tracking tools, and credit score monitoring.
Make cybersecurity a top priority. The survey found that 60% of Gen Zers and 54% of millennials consider security a top factor when choosing a financial institution.
Give new members the ability to quickly and easily fund an account online. The report found that 41% of Gen Zers and 38% of millennials consider a digital account opening option a top need when choosing a financial institution.
Don't sleep on artificial intelligence. According to the report, more than 25% of Gen Zers and millennials can envision using AI-powered financial assistants within the next five years. Other AI use cases sparking the interest of younger generations, the report found, include using AI for financial education, and augmented or virtual reality to support their banking activities.
Advertise your values and ethical practices. The report found that 28% of Gen Zers would consider switching away from a large bank to a community bank or credit union due to ethical or moral alignment with the smaller institution's practices.
Make it easy for new members to move over functions such as bill payments, direct deposit and subscription payments to your credit union.

Instant Insights /

Report: 30% of Gen Zers, 21% of Millennials Unaware of CU Membership Option

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