E-Scan offers strategies to reach millennials
The Credit Union National Association recently released the 2015-2016 Environmental Scan. The E-Scan offers insights in 10 primary areas affecting credit unions, including lending, economics, technology and of course marketing. The E-Scan is a must-read for any credit union executive and is also an outstanding planning tool to use.
The marketing section is entitled “Meet Millennials’ Expectations.” It also links branding with reaching the Millennial generation by saying “Establishing a trusted relationship with young adults might mean taking a hard look at credit union branding decisions.”
According to the E-Scan, there are three factors that come into play when it comes to credit unions’ visibility with the younger generation:
(1) Dilution of relevance
As the E-Scan notes, in five years millennials collectively will exert $1.4 trillion in buying power annually. That’s a lot of money when it comes to financial services. The challenge is that millennials are not finding credit unions relevant. The report suggests, “rekindle your relevance by finding and filling the dire needs of millennials, the needs that banks aren’t naturally willing to be able to support.”
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