Is your credit union’s engagement strategy suitable for millennials?

Millennials, who were born between 1980 and 2000, are now in the midst of significant life changes, such as graduating, buying a first home, getting married and having children. They have also come of age during a time of swift technological change and economic disruption. They prefer doing things electronically, are innovators and are always looking for the next best product or solution in the marketplace.

For these reasons, what better time than now for financial institutions (FIs) to engage this influential group of consumers?

Although marketing to Millennials seems like a no brainer, FIs need to be strategic in their efforts. Tactics that work for older generations will most likely not yield the same results with Millenials. For example, because most Millenials carry high levels of student debt, certain financial products and services, such as mortgage loans, often come across as irrelevant. However, products like Apple Pay and EMV chip cards tend to appeal more to this audience – because innovative and mobile technologies are important to them.

What are some easy ways community-based FIs can increase engagement with this generation? Based on results from its study of Millennials’ attitudes and perceptions about banking, the Independent Community Bankers of America (ICBA) recommends these strategies:

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