Technology is required to attract younger new members.
Competition is fierce between banks and credit unions for Gen Y consumers.
Credit unions aren't well positioned to capture the $30 trillion baby boomers are expected to pass on to their children.
Western Union study reveals most young adults prefer electronic account access.
Credit unions make no secret about their desire to attract Gen Y members. But are the Millennials worth the effort?
Millennial-oriented products like mobile wallets are great, but the generation doesn't have enough disposable income to fully benefit.
Surge in tablet usage drives trend; 51% say they own one.
In their quest to make long-lasting connections with Gen Y, some credit unions are learning the hard way that authenticity may be the key. With their ability to see through fake attempts to be hip, Millennials instead crave details on how financial products and services will benefit them—and the answers...
In the search for the answer of how to reach Millennials, a good start may be to focus on the basics of being present, listening and customizing relevant solutions and experiences.
Young adults are considered the target market and they're high on the agenda of most credit unions, which is the future of our consumer base and our lending portfolios. By targeting young adults and generating loyalty, credit unions can create a lasting and profitable relationship with this growing demographic.