Help Your Credit Union Stand Out from the Crowd – Part 2: Wooing Gen Y

by Amy Neale  

In response to CUNA’s Member and Nonmember Survey Results, we thought we’d address three distinct ways you can help your credit union stand out from the competition. To do each section justice, we’re delivering it to you over a three-part blog series. Welcome to Part 2. 

Wooing Gen Y
When it comes to wooing Gen Y/Millennials, credit unions have a long way to go. According to the CUNA Member and Nonmember Survey, respondents ages 18 to 24 were just as likely to recommend credit unions to others (31%) as they were to recommend banks (32%). Combine this with the aging membership issue most credit unions are facing, and you’ve got a demographic that needs more attention.

Jon Haller, CUNA’s director of corporate and market research points out that most banks get an edge over credit unions when Gen Y hits college and becomes aware of the banks co-branded credit and debit cards. Haller perceptively points out that it all depends on who gets to that generation first. So, what can your credit union do to stand out from the crowd and get there first? Two words: financial literacy.

A recent Wells Fargo survey found that more than half of Millennials say debt is their biggest financial concern. And an impressive 78% said they learned “a great deal” or “somewhat” about personal finances from their parents. The best approach to offering financial literacy programs to your younger members would be to offer it to them and their parents. This could come in the form of financial education articles on your credit union’s website, savings clubs that target Gen Y or even videos or podcasts on your website that discuss various financial topics.

In addition to boosting your credit union’s financial literacy program, you might want to consider developing a marketing program that appeals to younger generations; adding products like first-time auto loans or credit cards for members just starting to establish a credit history; or create financial seminars geared toward the Gen Y demographic. Plus, a strong social media strategy and presence can go a long way to wooing those Millennials. 

CU Solutions Group can help you woo Gen Y with its Financial Resource Center, youth websites, youth campaigns, podcasts and social media expertise.