Survey: 90% of members do not encourage their children to join their credit union
Survey indicates credit unions must encourage and incentivize digital connections within the family unit
BERKELEY, CA (August 18, 2020) — Access Softek, Inc., an omnichannel digital banking platform provider, surveyed more than 500 credit union members that have adult children in order to expand upon and further understand the results of its previous survey. These new findings present additional areas of opportunity for credit unions to create a strategic difference, especially among families.
The new survey, conducted by Google Surveys between July 9, 2020 and July 13, 2020, found that 42% of respondents had no idea where their adult children chose to bank. When asked why a majority of adult children chose not to bank at their parents’ credit union, most respondents – 55% – cited moving away as the reason why they chose to bank at a different institution. Additionally, nearly 28% cited there was no reason for their children to bank at the same institution as them.
This highlights a unique opportunity to improve digital offerings in order to better serve remote members. If location is the biggest issue, making the credit union’s services – everything from account opening, to lending, to investing – available digitally is key to keep serving families across generations.
“The fact that 90% of parents do not care or do not want their children to have accounts at their credit union shows a lack of familial affinity toward the FI. There needs to be a more open dialogue about finance in the family, even when children have grown up. Credit unions must have a “friends and family” set of features in their digital offering to maintain the family connections throughout their membership,” said Chris Doner, founder and CEO of Access Softek. “Credit unions must begin treating the family as one financial unit and looking at family wallet share. Currently, there are little-to-no programs or incentives for families that bank together. This is a huge opportunity that many institutions are missing out on.”
Doner added that digital will be key in changing the attitudes of current and future credit union families. In addition to having a more open dialogue about finances in the family, credit unions must incentivize credit union loyalty among the family. What the incentives are will depend on the credit union’s unique membership and what is important to them. Regardless, the credit union must be involved in these conversations with education, incentives, or products tailored specifically to children and college students in the family.
“If credit unions are unable to keep families together in the credit union, the impending generational wealth transfer will be potentially devastating,” continued Doner. “By keeping families in the credit union, they are keeping wealth within the institution for generations to come.”
About Access Softek Inc
Access Softek is the trusted partner of credit unions and banks, providing comprehensive Access Digital suite of banking solutions that includes everything consumers and business owners need from the basics of online and mobile banking to account opening and lending, conversational banking, biometric authentication, real-time fraud prevention, automated investing, crypto solution that can be integrated directly into a financial institution’s digital banking platform, modern intuitive member UI/UX, and other innovative products.
Today, over six million clients securely and easily manage their money using Access Softek solutions. Access Softek sets the standard for the omnichannel digital banking landscape, and for over three decades continues to deliver industry firsts and ensure reliable support from its Berkeley, California, headquarters. For more information, visit www.accesssoftek.com.
