🌟 Credit Unions MUST Attract Younger Members 🌟Hit ”see more” for tips on how!💡
In today’s digital age, credit unions (CUs) must evolve to attract younger members and remain relevant. Attracting young members is a long-term strategy that requires consistent investment! Beyond serving a demographic that benefits from credit unions’ not-for-profit approach, youth accounts lead to adult accounts — up to 70-80% of the time — and return higher lifetime value.
How can CUs attract younger members? For ease, let’s call this the RARE model.
1. REMEMBER (your mission)
Younger members want to align with brands that truly fulfill their missions. CUs need to be prepared to demonstrate this with tangible results. If your mission is about improving members’ financial positions, what are the ways you are doing that, and is it actually working for them?
2. ATTRACT
💙Create youth accounts that attract both the parent and the youth. Repeatedly engage the youth with your brand to create long-lasting loyalty.
💙SIMPLIFY the process of opening accounts online.
💙Host workshops and webinars on budgeting, student loans, credit scores, and investing.
💙Collaborate with local schools and colleges to provide financial literacy programs. This is a win-win for the students and the CU.
3. RETAIN
💙 Offer competitive products and services, such as accounts specifically designed for young people, such as student accounts with no fees.
💙Offer competitive rates on student loans, car loans, and first-time homebuyer loans.
💙 Create personalized experiences by using data to personalize offers and communication, ensuring relevance to individual members.
💙Actively seek and act on feedback from younger members to continuously improve services.
💙Implement and promote eco-friendly policies and investments.
💙Be transparent about where funds are invested, emphasizing ethical and sustainable practices.
💙Create attractive membership benefits, such as offering deals and discounts with local businesses that appeal to younger members.
💙Create loyalty programs that reward members for their engagement and usage of credit union services.
💙Offer digital services, such as a user-friendly mobile app with features like budgeting tools to help younger members manage their money.
💙Provide chatbots, live chat, and video banking support 24/7.
4. EXPAND (your footprint)
💙Develop a social media presence by using platforms like Instagram, TikTok, and YouTube to share financial tips, success stories, and community involvement.
💙Partner with influencers who resonate with younger audiences.
💙Invest in community involvement, such as organizing and participating in community service projects, which can resonate with younger members who value social responsibility, and sponsoring events that appeal to younger demographics, such as music festivals, sports events, or tech conferences.
#CreditUnions #FinancialServices #Millennials #GenZ #DigitalBanking #FinancialEducation #Community
Think credit union professionals are concerned about their aging membership? Check it out - standing room only for a Wednesday morning breakout session on “Engaging Younger Members for Growth” with Juli Lewis, CMPFinCap, CCUFC, CUDE, CCUE and Jim Lake at #wcuc2024. #creditunions
EVP Sales, State National Cos.
2moGood to see all the little green men......and the give aways aren't bad either- ha!