Growing Younger, Not Older

CreditUnions.com spotlights strategies to attract younger members. Even better, other potential members will also find them pretty neat.

Millennials and credit unions were a hot topic of conversation last week. CU Water Cooler featured an article from Inc. magazine about how credit unions are winning over millennials, which focused on the initiatives credit unions are undertaking to improve technology, convenience, and just plain member service to attract this generation.

And over on LinkedIn, there was a post to a piece that outlined three reasons why a credit union would want to attract millennials. Spoiler alert: all three pretty much relate to the influence millennials have on those around them, including peers, family members, and complete strangers.

According to Inc., the millennials constitute an estimated 86 million people; the LinkedIn piece puts it closer to 99 million (ranging in ages from 10 to 33 years old). Regardless of what birth dates make someone a millennial, there is no argument the generation is large, powerful, and influential, so it’s no surprise financial institutions want to get in good with it members. That’s why this week, CreditUnions.com is spotlighting ways to attract younger members, however defined. Better than just attracting one subset of membership, though, the best practices we highlight have the added benefit of attracting all sorts of new members of all ages.

When it comes to technology, it’s easy to adopt the philosophy build it and they will come. However, it better work when they get there.

Americans in their teens, 20s, and early 30s are a driving force behind the rise of the sharing economy, yet for some, this was not so much a choice as a reality imposed by the recession. Now, fueled by a slightly steadier job market and the natural progression of needs that come with growing up, many millennials are ready to step into auto ownership. And 3 Ways To Put Millennials Behind The Wheel provides features and incentives every first-time auto buyer program must have.

When Wyoming-based Warren Federal Credit Union faced the challenge of how to drive business to a quirky, 5-year-old branch in a college town that likes its live-person service as much as its apps, the credit union found its solution in a marketing campaign that eschewed media buys in favor of social media and grass-roots outreach that appealed to the social consciousness and transparency now associated with Gen Y and millennials. The campaign helped Warren gain 200 new members and the opportunity to give $10,000 to aid in the revival of downtown Laramie. Learn more today in How A Do-Good Campaign Attracted Young Members.

The number of 25- to 34-year-old college graduates living in one of the country’s 51 largest cities increased 25% from 2000 to 2012, according to the New York Times. And the strategies launched by credit unions in these cities to attract their next generation of membership can benefit credit unions across the country. Learn how in 3 Ways To Reach Young Adults.

When it comes to technology, it’s easy to adopt the philosophy build it and they will come. However, it better work when they get there. The four credit unions profiled in Mobile Tips From Mid-Sized Credit Unions Railroad & Industrial Federal Credit Union, Vons Credit Union, Credit Union of America, and SunWest Federal Credit Union offer their best practices for finding the right technology provider, testing, launching, and marketing the mobile channel.

And to learn more about the challenges young adults face in today’;s competitive economy, check out the Graphic Of The Week, Employment And Banking In Young Adults.

October 27, 2014

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