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Learn how to get Gen Z's to your credit union!

Jun 04, 2024

A New Generation of Credit Union Members

2024 has shown us that credit unions need more liquidity due to growing loans and dwindling deposits. Adding to the pain, Millennials and Gen Z prefer national banks and digital-only neobanks. But hope is not lost!

Your Credit Union has unique strengths that can attract these younger generations.

  1. Lower Fees and Personalized Service: Credit unions offer lower fees and more personalized service than traditional banks. Highlighting these benefits can attract younger members.
  2. Building Trust through Social Media: Engaging content on social media can help build trust. Sharing real stories and testimonials makes credit unions more relatable.
  3. Promoting Social Responsibility: Credit unions' not-for-profit status and commitment to social responsibility resonate with Millennials and Gen Z, who value ethical and community-focused businesses. 

Tailoring Financial Products

Consider adding products and features that align with the financial habits of younger generations:

  • No Minimum Deposit Requirements: Flexible account options attract young savers.
  • Automatic Savings Options: Tools that automate savings are appealing for easy financial management.
  • User-Friendly Digital Experiences: Intuitive mobile apps and online platforms are crucial.
  • Automated Loan Applications with Instant Decisioning: Simplifying loan applications enhances convenience.

Focusing on Education

  • Educational Content: Blogs, webinars, and social media tips empower younger members to manage their finances effectively.
  • Tailored Financial Products: Develop products for specific needs, like student loans and first-time homebuyer programs.

How to bring it home to your Credit Union?

Take a close look at your credit union and identify one key area where you can make an impactful improvement to attract and retain younger members.