Millennials or the younger generations today are searching for financial institutions that they can trust. But banks and other organizations such as the credit unions don’t find it that easy to attract these young consumers. That’s because they are a different bunch of customers. They have their own, different way of thinking and behavior that you would need to know understand them better, to know how you can capture their attention.
Because millennials are the future of credit unions, it is only imperative that strategies will be put in place in order to add more members. Financial structures must be improved and you must find more helpful solutions in order to grow your credit unions.
Here are some of the helpful strategies you can consider to invite and attract a new generation of members.
1. Provide online and mobile services
Young consumers today are more inclined to the things that are convenient and accessible. That is why when it comes to banking, they prefer to do it online using their mobile phones and smart devices. Even surveys suggest that Millennials expect certain transactions to be done online including loans, transfer funds, and others. They are a bit impatient for services that take too much of their time.
Even if there are risks when it comes to mobile banking, more and more Americans, especially the millennials, prefer to use this technology. At the end of the day, they just want to be able to save their valuable time. They would rarely visit a branch and speak to a teller in person.
2. Offer financial education
A significant population of the millennials is not financially educated. And this is something that credit unions can look into. In fact, it is one of the most important things that you can offer so that more younger consumers will be encouraged to be part of your organization. Highlight the importance of financial education especially to their future, when it comes to owning a house or any property, investing their money and handling any type of wealth.
If you do this in your credit union, it should work to your advantage because it will be a lot easier for you to monitor your members, given the size of the organization compared to banks. It means that financial education can be easily implemented and you can even do a one on one session with your members if needed. Doing this allows you to hit two birds with one stone because aside from helping and providing your members the education they need, you are also growing your credit union membership.
3. Deliver superior customer service
Millennials are looking for a different kind of customer service. Customer service for them is not just a traditional conversation or assistance over the phone. To them, it means going an extra mile to help; it means being able to feel that they are well taken care of especially when it comes to their needs and welfare as members.
They also expect the customer service of credit unions to be accessible on social media channels such as Facebook and Twitter. That’s because calling on the phone to talk to a representative feels like an inconvenience. You need to be different from how the big banks are known for, which is “hard to deal with”. You can make a change on how these young consumers look at you as a financial institution by stepping up when it comes to your member service.
4. Highlight your community services
Millennials want to be part of organizations and institutions who take the time to serve the community and do good. They want to feel that sense of purpose when they join a group. And because you are a credit union and a cooperative, this is something that you can leverage on.
5. Make your young employees your brand ambassadors
Doing this will increase member engagement
and will attract even more members to your credit union. That’s because people will see how you make a positive impact in your community and it is your own employees who can testify to that. The key is that they need to fully understand the difference that your credit union makes.