5 ways your credit union can engage younger members
There are millions of adolescents who are potential members. How do you reach them, engage them, and get them in the door? While there is no sure-fire way to win the younger generation over, there are some common threads that can help you engage future borrowers and savers.
Social Media – The world today is consumed with social media. Potential members are reading or posting on social media right now. People of all ages, shapes, sizes, and socioeconomic standing create, share, or exchange information and ideas every day. If you aren’t part of that discussion, you are missing out on a huge opportunity to connect and develop online relationships with your community.
Social media can be a natural extension of your marketing goals and help you round out a complete marketing strategy. By engaging through social media, it will allow information about your financial institution to spread, help you show that you are experts in your field, increase your “findability”, and may win you over a few new members.
Online and Mobile Functionality – Current research shows that millennials are not only tech-savvy but also conscious about saving for their future. Millennials have faced more student loan debt, unemployment and poverty than other living age groups, but in spite of this, they are optimistic. In a Pew Research report, more than eight out of 10 say they have enough money to lead the lives they want or expect in the future1. Therefore, since mobile banking is the second most important banking feature among 18-34 year old financial institution seekers2, young adults are driving the growth in both online and mobile banking.
A financial institution that wants to connect with the younger generation needs to provide the ease of completing all transactions, including lending, with just a few keystrokes. Your lending platform will benefit from being customizable as well as easy, fast and simple for borrowers to understand, and mobile, such as that available through InterLend® by Transamerica.
Education – Pre-adults are just starting a financial-based lifestyle and are looking for knowledge, guidance, and trust. They are trying to build a future, realizing new expenses, and may not be sure how to handle it all. Producing fun tutorials about lending, budgeting, saving, banking, and protection products are beneficial. According to a LIMRA study, almost 3 in 4 middle-market households have an interest in learning more about savings options and strategies, and 1 in 4 are very interested.3 The future generations need guidance, and as an expert in saving, lending and other financial products, you are a great resource.
Community Involvement – Being seen as involved in the community is very important to potential members. Although the younger generation is more willing to take advantage of advanced technology, they prefer in the early stages, while the relationship is being built, meeting personally. Considering only 19 percent of millennials say people can be trusted1, the personal connection can help build trust by providing a relaxed environment where they can learn more and ask questions. Seeing you and your staff helps reassure the fact that you are here and wanting to encourage good financial decisions.
ASK – Have you ever done something that you thought was “cool”, just to have your children roll their eyes and comment, “you don’t get it” or “you’re SO old”. Older generations rarely communicate effortlessly with younger generations. Don’t let your messages and hard work become lost. One of the best ways to know if you are engaging your future members is to ask. Many financial institutions have established “Teen Teams” to help them discover the right way to communicate with young adults. Talk to current younger members, find out why they chose your financial institution, and run ideas past them. It’s a great way to make young members feel empowered and that you want their opinion, while also utilizing their knowledge to grow your business.
Whatever generation you are marketing to, Transamerica Financial Services Group can help you craft loan protection product solutions that will meet your members’ needs. The combination of flexibility and thorough training helps provide you with a competitive advantage while helping to improve your profitability and expand your business and improve member services.
