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Youth Membership Strategies Topic of New OpSS Council White Paper
MADISON, Wis. (12/12/13)--With 1.8 billion members, Gen Y, also known as Millennials, is the largest generation alive, representing not only significant buying power but also technological leadership and innovation. A new white paper from the CUNA Operations Sales and Service Council offers credit unions ideas for gaining Gen Y's trust and loyalty.
 
Among the tools it offers is a list of products and technologies credit unions must provide to meet Gen Y's demanding expectations, which were shaped in a time of instant downloads and one-click access. They include: 
  • Easy account opening. Millennials are twice as likely to apply for an account online, the white paper said. Opening an account is the first impression a new member will get of a credit union, so it's essential that it is an easy process that takes only a few minutes.
  • Powerful online tools. Millennials want the ability to do online all their banking, specifically payments to friends and mobile deposit, the paper said. They want the convenience and flexibility to manage their money online so they never have to enter a branch. For many, these capabilities are what constitute "good member service," because most never have the experience of working with someone directly at the branch.
  • Mobile banking. Millennials have demonstrated a paradigm shift in traditional thinking: Where older generations ask, "If my phone works, why do I need a new one?" Millennials ask," Are the new functions on the phone worth spending money on a new one, even though the one I have works perfectly well?" They are constantly looking for and demanding the new best thing. As more consumers access the Internet through their mobile devices rather than personal computers, credit unions must offer creative and effective ways to allow them to do their banking on these mobile devices.
  • New technologies. Global positioning, voice, integration across delivery channels and more intuitive mobile capabilities are among the technologies that Millennials expect to make their lives easier every day.
  • Easy loan solutions. Gen Y faces financial challenges that other generations did not. Many Millennials are un- or underemployed, burdened with student loan debt, but still anxious to become independent. Borrowing money--for a car, house or for education expenses--becomes a top concern. Credit unions must find a way to make borrowing easier, the paper concluded.
To download the paper, use the link.
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