Service, respect and local touch are important factors as credit unions compete for Millennials’ business.

by. Bill Prichard

A new study commissioned by CO-OP Financial Services shows that Gen Ys (aka Millennials) know precisely what they want in a financial institution.

CO-OP, a CUES Supplier member based in Rancho Cucamonga, Calif., provides ATM, shared branching, call center and online/mobile banking services to 3,500 credit unions.

The survey, titled “Unlocking the Millennial Mystery,” takes a look at services and products offered by credit unions with a special focus on Millennials – consumers born in 1980 or later – and their decision-making in selecting a financial services provider.

“Positive customer experiences (for Millennials) are largely driven by the basics – deliver on expectations and treat people with respect. Positive staff attitudes are more strongly recognized on a local scale,” says the study. “Both credit union members and bank customers are generally satisfied with financial institutions – credit union members much more so.”

The study reports the attitudes of a 495-respondent survey sample, evenly split between credit union members and bank customers. These respondents also indicated to researchers that they had switched financial institutions in the past 12 months, or were open to switching.

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