Make it Easy to Share (and Members under 25 Will Thank You!)

Gen Y (also known as the millennial generation) is growing up and making financial decisions that will likely affect their lives for years to come. They also represent a significant sector of the population that your credit union (if it isn’t already) will want to attract and retain as members.

Think New School with a Bit of Old School Mixed in…

Gen Y members are “28% more likely than the average consumer to have a smartphone”¹ and are much more likely to use mobile banking online personal finance management tools and an online person-to-person service. In what seems a contrast, though, Gen Yers “prefer to develop relationships face-to-face … and want to be more comfortable with the financial provider before transacting a loan online.”²

That means the positive in-person relationship is still important—and that’s good; you probably have that part of the equation down to a science. Now it’s time to take a look at your website—and make sure the information is credible; because while Gen Yers like to use the Internet, they know that plenty of misleading information appears online—and so they do not take the information they read for granted. Once you’ve done that, what’s next?

Go Mobile
It’s a bit different than what The Who sang about in 1971’s “Going Mobile” but it’s just what your credit union needs to do—extend your relationship with members to the mobile and online social worlds.

Your credit union can become something that Gen Yers take with them wherever they go—whether they’re going on vacation, out to eat, or just to a friend’s house. One simple way to achieve that is through a mobile version of your site. Let your members find the information they need at the moment it’s relevant. (Think: I’m going to dinner with friends and want to get some cash from the ATM. Where’s my credit union’s nearest branch?)

A mobile site is just the beginning. Your credit union can be more than just a financial institution; it can be a source of information that Gen Yers can share with their friends and family. After all “most young adults share interesting or useful websites with their families and friends … and 60% of young adults use the Internet to find information about companies.”³ If, in addition to product and service descriptions, your site contains financial education tips, that’s something useful that can be shared. But don’t let those tips stop at your site; tweet them and post them on Facebook. Consider posting brief video tips, too, either on your site or on YouTube. Start an online blog—and ask your Gen Y members to post as well. Start the conversation about finances—and invite your members to keep it going.

With the right blend of technology platforms and a bit of the human touch, your credit union can be the “go-to” source for financial products and services—and the source members can reach and share when they’re on the go.

Sources
1. Affinity Research
2. Attracting and Retaining Young Adult Members, Filene Research Institute, 2003
3. Attracting and Retaining Young Adult Members, Filene Research Institute, 2003
 

Related Services:  Mobile Apps & Sites, Digital Media, Online Services