Credit unions: Once in a millennial opportunity
by: Jason Vitug
As a millennial, I know we have lots in common with our grandparents. Our grandparents wanted simplicity, trustworthiness and personal connection when dealing with their finances. Millennials are no different, except we call those wants as technology, brand recognition and social networks. The words used may have changed, but what we seek is no different.
During the coming of age of Traditionalist and Boomer generations, consumers were looking for alternative creditors and banking with a personal touch. This is exactly what millennials are doing today. We’re seeking alternative ways to save and obtain credit. We also want a personal connection with the companies that provide those services.
Why hasn’t Moven or Simple become mainstream like Lending Club, Uber and AirBNB? Because these “bank disruptors” haven’t effectively communicated how they can help millennials achieve life goals. Lending Club provides an outlet to help someone financially with a potential for greater return. Uber has given us an option to not own a car but still empowered to get to our destination and AirBNB has provided the opportunity for us to travel more affordably.
For our grandparents’ generation, credit unions offered the common person credit that helped them achieve the American dream.
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