12 minutes
Young adults are the future of your credit union. From college to home-buying, learn why credit cards are key to winning the loyalty of Gen Z and millennials.
Many younger adult credit union members have yet to select a primary financial institution for their banking and borrowing needs. As a result, their loyalty is up for grabs, and a credit union’s credit card offerings and values may be a powerful tool to securing it.
When choosing a credit card product, millennial and Gen Z members are keenly interested in no-fee, low-interest reward cards that reflect their lifestyle and values. Offering competitive reward products is not necessarily the deciding factor for these cohorts. They prize a digital, frictionless application process and access to online tools. They also weigh an organization’s social values and community involvement higher than other generations. Many Gen Z and millennial members leave financial institutions because of misaligned social values or disappointing digital experiences.
However, offering young members a convenient online experience does not mean offering them a generic one. They want personalized guidance to help them save money, manage debt, and receive incentives that persuade them to take immediate action, such as applying for a credit card.
Inflation, student loan debt, and other factors put enormous pressure on Gen Z and millennial members. Credit unions that acknowledge these pain points by providing credit card services to help young adult members manage their financial goals and meet life-stage milestones will stand a better chance of winning their loyalty.
Learn how to expand your credit card reach in this free whitepaper from Elan Financial Services.
Fill out the form below to receive the whitepaper via email. By downloading the content, you may be contacted by the provider.
