Only 9% of millennials say credit unions are their primary financial institution, compared with 74% of millennials who are customers of major banks. Perception explains much of this trend. In particular, young people may believe they can only access mobile banking and payment experiences at the big banks, thanks in large part to targeted marketing efforts surrounding these services. Building a reputation for innovative financial experiences and exemplary customer service will be essential to credit unions as we move forward.
Paradoxically, this offers credit unions exciting opportunities. Providing members with products and guidance as they move through their financial lives – from buying homes to saving and investing – lines up perfectly with credit unions’ mission.
There is a sense of urgency around the adoption of the best (latest) software available and credit unions are leveraging the aggregation power of the internet and decisioning power of AI for the first time to grow their member base beyond their existing footprint.