A New Generation of Credit Union Members

2024 has shown us that credit unions need more liquidity due to growing loans and dwindling deposits. Adding to the pain, Millennials and Gen Z prefer national banks and digital-only neobanks. But hope is not lost!

Your Credit Union has unique strengths that can attract these younger generations.

Lower Fees and Personalized Service: Credit unions offer lower fees and more personalized service than traditional banks. Highlighting these benefits can attract younger members.
Building Trust through Social Media: Engaging content on social media can help build trust. Sharing real stories and testimonials makes credit unions more relatable.
Promoting Social Responsibility: Credit unions' not-for-profit status and commitment to social responsibility resonate with Millennials and Gen Z, who value ethical and community-focused businesses.

Tailoring Financial Products

Consider adding products and features that align with the financial habits of younger generations:

No Minimum Deposit Requirements: Flexible account options attract young savers.
Automatic Savings Options: Tools that automate savings are appealing for easy financial management.
User-Friendly Digital Experiences: Intuitive mobile apps and online platforms are crucial.
Automated Loan Applications with Instant Decisioning: Simplifying loan applications enhances convenience.

Focusing on Education

Educational Content: Blogs, webinars, and social media tips empower younger members to manage their finances effectively.
Tailored Financial Products: Develop products for specific needs, like student loans and first-time homebuyer programs.

How to bring it home to your Credit Union? ⚡️

Take a close look at your credit union and identify one key area where you can make an impactful improvement to attract and retain younger members.