How to Attract and Keep Younger Credit Union Members
Adults age 18 to 34 who are likely to recommend Credit Unions use the words ‘service’ and ‘easy.’
Young adults want an institution that provides high-quality service and support, acts in their best interests, and makes conducting business easy—in that order.
The good news is that credit unions score well on all three counts, according to the Filene Research Institute report, “Next Generation Needs: Examining Credit Union Loyalty among Young Adults.”
The report considers the difference between what attracts members and what keeps members, using the Net Promoter Score (NPS).
The report splits adult members into three age groups: 18- to 34-year-olds, 35- to 54-year-olds, and 55+.
For comparison, the research looks at average NPS among those age ranges at banks and credit unions. Credit unions win handily.
The report also compares high-performing credit unions with low performers to tease out why some credit unions receive such high marks, and how all credit unions can use those insights.
Credit Union Implications
While young adults’ NPS of credit unions is the lowest of the three demographic groups—53% compared to a respective 55% and 63% among older members—it’s still far better than banks’ NPS: 12% compared to 22% in each of the older groups.
Analysis of young adults’ feedback reveals three priorities:continue reading »