The Future of Credit Union Demographics

November 19, 2019


Reaching beyond Gen Z and millennials and into the younger generation requires a distinct approach to marketing and customer outreach. It’s forecasted that upcoming younger generations will be even more conservative with their money, but they don’t have the same approach as older generations toward financial literacy.

From the beginning, be pain-free

Nowadays, many financial institutions provide remote solutions. It’s rare to need to physically be present in a bank for most transactions. 

When gearing your institution toward millennials and Gen Zers, you’ll want to have a transparent online process from the start. While many credit unions advertise an online account sign-up, this can often mean a “halfway” process, that requires a visit to the credit union in-person to complete the application.

However, not every single member and potential members want a fully digital solution, it’s important to offer solutions that cater to all demographics. An omnichannel solution means that a customer might have the option to complete the application process “halfway,” or completely online, or completely in-office. Implement a pain-free online process from the beginning of your customer’s journey and throughout. This is the time to create a positive first impression.

Speaking to your demographic

Marketing is everything when it comes to financial institutions. The younger demographic has been inundated with internet marketing their entire lives and a clear intent to sell will be clear to those potential members.

Community 1st CU of Ottumwa, Iowa reports that the ideal method of communication with Gen Z is through texting or secure messaging systems, as well as live chat and social media. Gen Z is receptive to these types of services, as they want to be heard and respected.

It’s also important to not lump millennials and Gen Z into the same category. Both demographics have distinct approaches when it comes to managing finances. In fact, it’s said that Gen Z and baby boomers bear some resemblance to one another in that both tend to prefer the option of going to a brick and mortar location if need be. However, these younger users of your digital tools will also want to be sure that their secure information is safe within your online system.

Ensure cybersecurity to your members

This comes down to banking and other instances where members will need to be sharing sensitive personal information, but also doing so in a pain free, accessible way. 

Nowadays, it is not uncommon to hear about data breaches. It seems that every other week there is a new data breach reported in the news. With that being said, customers want to know whether their crucial personal data will not be compromised.

Since your customers will be relying on the security you provide when they release their personal information, you want to be able to assure them that their information will be protected. 

How to retain millennial members and Gen Z-ers 

The younger generations are bringing about an entirely new approach to financial literacy. Gen Zers will be looking for their own money solutions. With the advent of “lifehacking,” social media, blogging, and DIY, many are looking for ways to manage their money effectively and proactively. They also want to be sure that they are making wise financial decisions. Reach out to those customers where they want to be reached. We can help.

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