How credit unions will win over millennials in 2015
Remember Occupy Wall Street? Seems so long ago, but it’s only been four years since the “Millennial Movement” took place. And since then, the echo boomer generation has been flocking to credit unions to avoid the big banks. Just this past summer, credit unions reached and passed the 100-million member mark — largely in thanks to young people.
While CUs are expected to grow by 2 to 3 percent each year through the next decade, they are projected to hold less than 30 percent of the financial industry market by 2025. Yet how much of that percentage will be made up of what may be the biggest generation ever?
Studies have shown that over 80 percent of millennial credit union members are in love with their customer experience, and almost all of them are satisfied overall with their CU. With almost 40 percent willing to recommend, why then do over 70 percent of people between 18 and 34 still not know what a credit union is? This fact is especially confusing given that millennials are way more likely to choose a brand based on recommendations from friends and family.
We know that in order to continue to woo millennials, our jaded view on this generation has got to go. They aren’t the selfie-obsessed overgrown teenagers that we’ve labeled them as — at least not all of them. They’re growing up, and their wants and cares are changing. Pew’s research showed the top four concerns among the older half of the generation are being a good parent, having a successful marriage, helping others and owning a home. The key to all of those is financial security.
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