Serving the Next Generation of Members
by: Kristen Christian, Founder, Bank Transfer Day
Like any civic generation, Millennials value community, prosperity and technology. Through the people helping people mission, credit unions offer communities an opportunity for prosperity. The final key to the puzzle is, of course, technology.
A recent survey by Leger Marketing discovered the following changes in attitudes towards money:
- 60% don’t want to have to find an ATM to pay people back
- 56% would be comfortable with never using cash again
- 43% never seem to have cash on them
- 38% think paying with a mobile device would be more convenient than cash
- 36% would buy anything from a latte to an iPod using their phone
- 34% would rather carry a phone than pocket change
Despite consumer trends increasingly favoring online and mobile money management, many credit unions have yet to embrace mobile platforms to serve existing and potential members. Credit unions are fortunate to have access to mobile services and applications through many vendors, including CO-OP. I first had the privilege of meeting Ryan Zilker when I presented at the Filene Research Institute Symposium. In discussing innovations in mobile banking technology, I was shocked to learn that while electronic check deposit wasn’t an option at my former big bank, it’s readily available to credit union members. As an avid iPerson, I wasn’t shocked when Ryan told me, “In a recent CO-OP sponsored research study, we found that mobile banking is key to the relationship. Nearly half of the respondents said it’s the convenience of mobile banking that’s most important to them.“ Partnering with a credit union vendor like CO-OP will enable your credit union to surpass technology available at even some of the biggest banks, making membership a no-brainer for Millennials who are on the fence.
As a member of the Millennial Generation, my iPhone is practically glued to my left hand. With my mobile addiction in mind, I looked for a credit union that would not only allow me to invest in the community that helped mold me into the person I am today, but also understands the growing role mobile technology will play in my financial management. Luckily, I found Coast Hills Federal Credit Union. Scott Coe (their Senior Vice President of Marketing) said recently, “We can talk all day about lower fees and better rates, but the execution and convenience of our services is what will drive future growth. Thanks to efforts such as Bank Transfer Day, we have people’s attention. If we drop the technological ball, any growth will be short lived.”
Louise Herring (a member of the last civic generation and undoubtedly one of the most respected individuals the credit union movement has seen) advised, “We must remember what we started out to do and then find ways to do it with the modern techniques available.” Hands down, the modern technique in question is mobile banking services. The next generation of potential members is blazing trails, and we’d like you by our side during our incredible journey. The question is: Will you join us?
Kristen Christian is a Los Angeles based entrepreneur and the founder of the Bank Transfer Day movement. With a perspective based in activism, she was raised with an understanding that cooperation and respect are crucial for communities to thrive. From serving their members to serving the communities they are a part of, credit unions follow a similar path. Social media offered the opportunity for a global platform, which resulted in more than 600,000 new credit union members nationwide in the month leading up to November 5th. www.veggefatale.com
