Zoomers: Banks vs. credit unions

How do Zoomers interact with banks and credit unions? A preview of this will be given shortly, but first, let’s dive into a quick recap.

As we all know, much of the Zoomer population are those who are currently 9-24 (born between 1997-2012). A lot of them are opening their first checking and saving accounts to begin building credit. Soon they will be very financially independent. It’s important for credit unions to understand that they should start marketing to their younger audience, Zoomers, sooner than later. As mentioned in the previous blog, Zoomers value speed, and efficiency.  Zoomers will be more likely to choose who offers them a fast solution to do their task and a place that lays out all the information in front of them in a very concise manner.

Recent research shows that the average age of credit union members is 47. Although they share similar values with Gen Z, credit unions are going to have to improve when it comes to digital solutions which are faster and easier for Zoomers to use. Currently, banks offer more appealing deals and technological advances. Credit unions, on the other hand, sometimes lack that. The main aspect of a credit union that could potentially attract Zoomers is its base values, as mentioned in the previous blog.

 

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