Credit Union Management

Gen Y is going to be spending $2.45 trillion annually by 2015, and credit unions that want a piece of the pie will have to look at their lending product offerings to see whether they match young people's needs and expectations.

Joe Sullivan, CEO of Market Insights, has a simple message for credit unions--evolve or die.

Credit unions must focus on Gen Y 101--products and services--before they can worry about Gen Y 201, marketing.

"Is mobile banking the trend or is it providing anytime, anywhere access?"

Having more control over operating expenses and fee income may aid credit unions experiencing declines in return on assets and return on equity that are seeking long-term sustainability.

With 41% of members belonging to the baby boomer group, credit union leaders have to change their mindset about what this influential segment demands or risk losing them.