Millennials are the generation of ‘unfettered access.’ By Daniel Curren Sponsored by CUSG powered by FocusIQ
Most credit unions realize the importance of establishing a younger membership base. Millennials comprise the largest generation in U.S. history. But at the same time, the average age of a credit union member is slowly but steadily increasing. To help credit unions address this disparity, studies have been conducted over the past decade in an effort to better understand young account holders. Some find that financial education is a core value for Millennials; some suggest bringing in Millennials is more a matter of personal service; and others report that fees are a hot button issue for this group. One conclusion in particular, though, that seems to present itself with consistency is, well … consistency. Consistency, stability, reliability — they’re admirable values. Consistency is something that young and experienced account holders alike can appreciate. The difference, however, is what consistency means to these two generations. From the Millennial perspective, it means maintaining the same level of access through every channel. Some say this is the generation of instant gratification, but instead, let’s look at it as the generation of unfettered access. This population has grown up with a direct line to any and all information attainable through the Internet. It’s readily available at their fingertips, and they’ve never known any other way. In terms of service, the consistency they seek is unrestricted access to self-service. Who would have thought? Credit unions have been celebrated for their dedication and personal touch, but this hasn’t necessarily translated into the digital space. Millennial or otherwise, if a member’s preferred method of banking is mobile self-service, credit unions shouldn’t aspire to match that of a bank, but to surpass it. We can’t expect to win every battle every time but, as credit unions, member service is something we hang our hat on. We can’t afford to let that go. Great technology solutions that combine the latest technology, such as remote check deposit and budget tracking, peer-to-peer payments and mobile account transfers can help keep credit unions at the forefront of consistent member service. Daniel Curren is copywriter for CUES Supplier member CUSG powered by FocusIQ, Farmington Hills, Mich., provider of Mobile Finance Manager, which combines the latest mobile finance technology in a single turnkey solution. Reach Curren at 248.489.8465. If you liked this post, you might be interested in attending CUES School of IT Leadership and CUES School of Member Experience.
