Millennials are fast becoming the leading demographic for credit union lending solutions. They are prime candidates for mortgages as they move out from under their parent’s umbrella and settle down in homes to start families. They are generally distrustful of big banks and are looking for alternatives to high-interest auto loans.
The number of Millennials banking with credit unions rose to 25 percent in Q1 2016, compared to 20 percent 3 years ago. More importantly, there is one thing millennials love almost as much as their phones: convenience. For this reason, here are three crucial components your credit union’s lending solutions must have to stand a chance at capturing this emerging market.
1. Electronic/Mobile Signatures – Aside from the obvious improvements in efficiency e-signatures for credit unions provide, the convenience this feature brings to members is immeasurable. Thirty-six percent of homebuyers think the loan application process would be simpler if in-person meetings and phone calls with your credit union were eliminated completely, while another 68 percent feel electronic communication makes working with credit unions easier. For a millennial, who is used to doing everything on their phone, there is little doubt they will eventually demand e-signatures from any banking organization they use. Saving multiple trips to sign loan documents, when it can be done more efficiently over a mobile phone or PC is a benefit they will come to expect. Therefore, integrated e-signatures for all loan documents will become a must have feature to capture this market.continue reading »