3 tips to reach and retain younger members

A 70-year-old man happened upon a genie one day who promised to grant him one wish.  Without hesitation, the man cast a mischievous grin toward his aging wife and chuckled, “I wish I had a woman that was 20 years younger!”   Poof!  And just like that, the man was 90 years old.

Credit unions are also trying to tap that fountain of youth.  Those that want to succeed in attracting younger members and millennials soon discover that they, like the 70-year old man, must also radically change.  But it’s not a shot of Botox.  It’s not hair implants or a new Tesla.  Credit unions that drink from this fountain must actually become younger, changing the way they think and the way they invest in technology.

3 tips to reach younger members:

1. Buy a surfboard: Waves of opportunity with the younger generation roll by quickly.  So quickly that by the time you feel the pull of the current, you’ve already missed the wave.  Think about the recent release of Pokemon Go and how it has swept the world in a week’s time. Businesses are already looking for ways to ride that wave.  As you study trends and identify the right waves to catch, be agile.  A moment’s hesitation can leave you flailing and exhausted as the crest of the wave rolls beneath and you watch your competitors glide ahead with relative ease.  Social media and marketing professionals note each wave’s potential to achieve “critical mass”, a “tipping point” whereupon the adoption of the new technology can become self-sustaining – like riding a wave.  Early adoption of technology is a key factor in achieving critical mass, and credit unions should time their investments and launch of new services with that in mind.
   
2. Live in the moment:  Be there!  Youth today have the world in the palm of their hand.  If you are not mobile – you are not in their world.   Mobile technology is no longer a novelty.  For the younger members, in particular, that app icon on their mobile device carries as much weight and relevance as brick and mortar did to your founding members.  If they want directions, they say “Siri, take me there.”   If they want a loan, they will say “Siri, give me money”.  Recent innovations in mobile lending technology have made that very nearly possible.  Of all the waves that a credit union cannot afford to miss, the mobile banking opportunity is the big kahuna and the one most likely to attract and keep those younger members.
   
3. Fight the law:  The efficiency of technology doubles over time.  Moore’s Law dictates it, or so we’ve been taught.  So, we could wait to invest in better mobile technology, but ask yourself, “How much did you pay for your last smartphone?”  (The year old iPhone 6s now retails at $649!)  In fact, the price for mobile services is not likely to fall anytime soon, and certainly not before this wave reaches its critical mass.  Credit unions need to break the rules and invest early to maximize their return.
   

Reaching the younger generation requires that your credit union reclaim its youth.  As you return to adolescence, you may even go through an awkward phase, but you’ll get through it.  Make the change and don’t look back.  Believe in yourself and other young people will too.