Offer money management education and use analytics to target individuals within Gen Y.
By Laura Lynch
Many credit union mission statements include the words "trusted financial partner," observed Jesse Boyer, president/CEO of CUES Supplier member and partner DigitalMailer, Inc., during his presentation of CUES webinar “Marketing Your Credit Union to Millennials.” "Millennials are looking for a partner who will provide them with tools to manage their money and share knowledge on investing wisely,” Boyer said. Gaining members' trust is a credit union strength. Leverage it to attract young members by offering financial education and personalized service, using analytics.
According to the 2014 TD Bank Financial Education Survey, 30 percent of Millennials say they need help budgeting. Offering money management workshops is one way to show Millennials you have their best interests in mind, Boyer suggested.
What’s more, this group is currently underbanked: 56 percent of 18- to 24-year-olds do not own any banking product and, when they do, it’s usually just a savings account (41 percent). The percentage of those without any banking products jumps to 70 percent in the 25- to 29-year-old range. “
The big task for CUs is to use analytics to find out what makes members tick and how we can serve them in a better, more personal way,” said Boyer. Consider customizing these channels: website; online banking; email campaigns, using such variable data as age and member location to create custom content; call center; branches and direct mail. Millennials expect businesses to know what they want before the Millennials know it themselves. And these efforts won't only help you in attracting members of Gen Y, Boyer noted. For any member, a customized experience delivers greater comfort and satisfaction.
Laura Lynch is CUES' products and services coordinator. This UMass Five College Federal Credit Union case study describes how the CU saved money and improved its sales culture using Digital Mailer's Leeflet e-brochure and analytics offering. Learn more about Digital Mailer's offerings through CUES. Execu/Net presentation "The Millennial Opportunity for Credit Unions from the Inside Out" will describe how credit unions can best interact with Gen Y, starting with their young employees. Learn from expert Matt Thornhill, founder/president of Generations Matter when you register for Execu/Net, slated for Aug. 30-Sept. 2 in Jackson Hole, Wyo. "Attracting and Retaining Millennial Employees" will be the topic presented by CUES Supplier member Burns, Fazzi, & Brock at the Aug. 27-28 meeting of the Greater Southern Council of CUES in Nashville, Tenn. Learn more and register for the event.
