Big banks have long been the go-to for many Millennial and Gen Z consumers. But here’s the thing: younger members—who are tech-savvy, value convenience, rely on mobile banking, and seek personalized digital experiences—are more than twice as likely to switch if they find better features, lower fees, or greater convenience elsewhere.

With over half of the U.S. population now Millennials or younger and only approximately 5% of Millennials and Gen Z members of credit unions, the upcoming generational wealth transfer of roughly $73 trillion presents a huge opportunity. Credit unions can seize this moment by winning the battle for younger members through their natural secret weapon: personalized service and community affinity.

Here are three proven strategies that will help your credit union attract and engage younger depositors:

1. Meet younger members where they are—with the right message

Younger generations visit physical branches less frequently and rely on digital banking. So, to successfully engage with these generations, credit unions need to get personal, connect with them in ways that matter, and meet them where they are—online. Here’s how:

• Social media engagement: Millennials and Gen Z see the world through a social media lens. They are making life decisions, including where to do their banking, based on what they see on social media. Invest in Instagram, TikTok, YouTube, and X and share content they love—financial tools, savings/investment tips, community involvement, etc. Also, work with younger influencers who can promote your brand in a way that resonates with their audience and aligns with their values, further driving engagement and trust.
• Tailored content: Show that you understand their unique needs and values. Create promotions and content that speak directly to what they care about, whether it’s sustainability, social impact, financial freedom, or achieving specific life goals.
• Personalized financial advice: 46% of Gen Zs and 37% of Millennials feel stressed about their finances on a regular basis. Forget the one-size-fits-all approach. Whether you’re helping Gen Zs save for their first apartment or guiding Millennials through buying a home, offer advice that’s tailored to their current life stage. Personalization is key to making a lasting connection.

2. Offer digital experiences that younger members expect

Younger members value convenience and expect seamless digital experiences. So, for credit unions to stay competitive, investing in unique digital tools that simplify banking while maintaining a personal touch is crucial. Here’s where to focus:

• Offer experiences, not just features: Younger members don’t just want tools—they want experiences that feel customized to them. Keep in mind that personalization has become expected thanks to highly tailored services we use every day like Netflix, Spotify, Amazon, and Uber Eats—just to name a few. By partnering with fintech companies, credit unions can roll out innovative features faster than the big banks, which gives them a competitive edge in offering what younger audiences crave.
• Solve their everyday problems: Enhance your digital experience and help members manage their finances better—whether it’s tracking spending, building savings, or improving their financial habits. Help them reach their goals, whether that’s a dream vacation or getting their first home. These upgrades not only improve engagement and retention but also strengthen your credit union’s reputation among younger generations.

3. Leverage values-driven engagement

Millennials and Gen Z are deeply motivated by values like social responsibility, community involvement, and sustainability. Credit unions are perfectly positioned to connect with these values and go beyond transactional relationships. Here’s how:

• Add impact to digital banking: 57% of Gen Z prefer banking with institutions that align with their social values. Make sure your credit union’s commitment to local community initiatives, charitable giving, and sustainability shines. Younger members want to know (and trust) that their financial institution is making a positive impact. Offer new personalized impact experiences to let your members give back to causes they care about through their digital banking experience.
• Support financial empowerment and literacy: Equip younger members with the knowledge and tools they need to make smart financial decisions. Offer webinars, blogs, and social media posts on topics like budgeting, saving, and debt management that show your commitment to their financial well-being. Pair this with digital banking experiences that support financial wellness, making the process easy and empowering.

Your credit union’s moment to shine

Now more than ever, credit unions have the opportunity to stand out by truly connecting with Millennials and Gen Z. However, in order to stay relevant, it’s crucial to meet them where they are, offer the right digital experiences, and show that your credit union stands for something bigger. These generations are looking for more than just convenience—they want a financial partner who understands their lifestyle, values, and aspirations.

By partnering with innovative platforms like Spiral, credit unions can easily offer personalized digital experiences that not only meet their needs but also become a trusted part of their financial journey. It’s about being proactive, adaptable, and aligning with what matters most to them. With these three proven strategies, your credit union can attract a new generation of members and continue to thrive in the years ahead.

The question is: Will your credit union be the one to meet their expectations, or will someone else?