According to a LinkedIn study, Millennials will change jobs an average of four times in their first decade out of college, compared to about two job changes by Gen Xers in their first ten years out of college. This in contrast to their parents and grandparents, who seemingly “stuck it out” for longer, with the mentality of “why leave a perfectly good job for an uncertain one.” even if the promise of greater money and benefits was appealing. While the reasons for younger generations to job hop more frequently are not limited to just factors of pay and benefits, a study by Utah-based Thrive Communications found that over 20 percent of Millennials would actually quit a job if the employer did not offer fast in-office technology. Technology is such a central and crucial aspect of this generations’ lives that businesses who do not adopt new technologies will not keep the hearts of younger generations for long. It is not so much a lack of loyalty as it is a shift in priority. For this very reason, credit unions who wish to attract and keep Millennial members must build a modern banking experience, and do it well.
An overall digital strategy and implementation is not accomplished overnight, nor without a significant amount of planning and execution. The Financial Brand published an article recently entitled “5 Ways to Craft a Modern Banking Experience in Digital Channels,” outlining how to deliver compelling user experiences across digital channels. The suggestion is that providing this experience will deepen the relationship with this generation known for being prone to jump ship, and build greater brand loyalty. Here are some ideas on how credit unions can follow suit:
continue reading »