Connected and Impatient – How Credit Unions Can Serve Gen C

The millennial generation, known as Gen Y, is also known as Gen C—as in “connected.”

Just how many of them are connected? A recent report published by Pew Internet & American Life Project states, “Seventy-one percent of Americans between the ages of 25 and 34 now own a smartphone as do 67% of those ages 18-24 and 54% of those ages 35-44.”¹

Let’s face it. We rarely, if ever, spot a member of that generation without his or her phone in hand. Texting friends, making calls and finding information online are all ways of staying connected to the rest of the world. The downside is “that the impact of networked living on today’s young will drive them to thirst for instant gratification, settle for quick choices, and lack patience.”²

If You Can’t Beat ‘Em …
You can use this generation’s connectedness and impatience to your advantage. Give them the tools they need to do business with you—whenever they want and wherever they are—without always having to come into a branch. Consider these tools:

• Online Membership Application – Completing paperwork is “out.” Online applications that can be completed quickly and securely are “in.” Make it simple to apply for membership. After all, you want them to join.
   
• Secure Live Chat – Answer questions and provide information in real time. It’s a “strike while the iron is hot” tool. Someone viewing your site is interested; be prepared to answer any questions that pop up. Remember that good secure chat programs come with the “send an email after business hours” feature. That’s slightly delayed gratification—but only by one business day!
   
• Mobile Site – Your mobile site makes your credit union portable; members can take you with them. A mobile version of your site lets your members find the information they need at the moment it’s relevant. (Think: I’m shopping for a new car and want to check my CU’s loan rates.)

Tools that help members connect with you are easy to implement. So, think like a member of the generation you’re trying to serve and ask yourself, “What are we waiting for?”

¹Smith, Aaron, Nearly Half of American Adults are Smartphone Users, Pew Internet & American Life Project, March 1, 2012, http://pewinternet.org/Reports/2012/Smartphone-Update-2012/Findings.aspx, accessed March 23, 2012.

²Anderson, Janna and Rainie, Lee Millennials will benefit and suffer due to their hyperconnected lives, Pew Internet & American Life Project, February 29, 2012, http://www.pewinternet.org/Reports/2012/Hyperconnected-lives/Main-findings/Negative-effects.aspx, accessed March 23, 2012

Related Services: Mobile Sites, BoldChat, Social Media