Explaining the credit union difference to millennials
As credit unions are continuously on the hunt for the attention of the elusive millennial, it’s important to understand what “bait” is needed to attract their generation. Millennials have been credited with both the retraction and expansion of a multitude of industries. Ridesharing services like Uber and Lyft have turned hailing a cab into a thing of the past. Cable subscriptions are going by the wayside for streaming services like Netflix and Hulu to take the lead. While it’s clear that times have changed and show no sign of slowing down, what can credit unions do to remain relevant to the millennial generation?
Upgrade your Mobile Experience…
Internet accessibility is at a global all-time high, with a growing percentage of millennials solely using their mobile device for internet access. While your website may look great on a laptop, what does it look like on a mobile phone? Proper design should showcase the credit union’s products and services clearly, concisely and easily accessible with just a few taps. Aesthetics and functionality go hand-in-hand in ensuring a seamless user experience; A top-notch mobile experience should place importance on both elements. The same goes for your mobile app and including features such as remote deposit capture, and ATM finders in a user-friendly design.
…While Placing Importance on the Member Experience
The member experience through all channels is critical. As growing importance is placed on technology and providing an omnichannel user experience, one of the most crucial elements of member satisfaction remains the same: the personal touch credit unions are known for. Even with the ability to complete business digitally, millennials continue to value top notch personal interactions. The security of having a real person close by if any questions or hiccups arise is where credit unions can take their service to the next level. Banking technology should enhance human interactions, not replace them. While millennial members may visit your branches less frequently than other generations, don’t let the member service side slip. A warm smile, genuine conversation and knowledgeable employees available at convenient hours make a world of difference. Simple extras like a coffee bar, phone charging station and welcoming furniture can increase positive perception even further. To connect the mobile and in-person experience, ensure that employees are well versed in all account access options. Doing so will allow employees to teach members of all ages about the credit union’s newest banking technology options to utilize at their own pace.
Teach Our Story
It’s proven that millennials will support companies who support their local communities by keeping money local. They are also more likely to support companies who give back and prioritize charitable giving than past generations. These elements are an advantage of the credit union movement that we already possess. Intertwined into our missions and sole reason for existence are the cooperative principles that our industry is built upon. A little education into the “WHY” of the credit union movement could allow us a vast opportunity to become the primary financial institution in many millennial households.