Reaching millennials isn't a hidden, hot topic among credit unions. It's all hanging out there and has been for quite some time. In a July 2015 Focus Report, the Credit Union Times dives into different ways of thinking about Gen X and Gen Y and their roles as members, employees and board members. Credit Union Consulting Group Founder & CEO, Ryan Ruud, shares perspectives that instead of trying to reach younger generations, credit unions should look at what can be learned about these generations that will influence the entire member experience regardless of generation.
Here's a preview of How Each Generation Improves Member Experience
For credit unions that are interested in appealing to younger consumers, the solution is rather straightforward – focus on perfecting the member experience, both online and offline.
“It's not about appealing to a generation,” Ryan Ruud, CEO/founder for The Credit Union Consulting Group, said. “Stop asking how we can reach millennials, Gen X or whatever generation or member segment. And start with the question of, ‘What can each generation teach us about improving our member experience?’”
A Filene Research Institute report titled, “Coming of Age: Young Adults in 2015,” found that 73% of millennials are more likely to be excited about a new offering in financial services from Google, Amazon, Apple, Paypal or Square than from a traditional financial institution.