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Reaching the Digital Generation: Credit Union Strategies for Growth
- Credit Unions (CUs) with an aging membership need to engage with younger demographics for sustainability.
- Attracting younger members presents challenges and opportunities with FinTechs and banks already making inroads.
- CUs are less innovative than their bank or FinTech peers, a perception that is rapidly becoming obsolete as CUs make digital strides.
- Younger customers prioritise self-service banking, so CUs will need to match these services with their competitors'.
- CUs' personalised member-centric approach can be an advantage for younger consumers but unfamiliarity with CU's benefits is an obstacle, with Gen Z only at 11% membership.
- In the 2024 spending plan, over 70% of CU's plan to up their technology spending.
- Collaborative resources like Velera Innovation Alliance (VIA), allows CU's to find the requisite expertise to develop digital services.
- CUs will need to familiarize younger generations with long-established CU strengths alongside innovation.
- Innovating self-service banking features and digital solutions, as well as improving marketing efforts, are recommended for growth among younger members.
- CUs can gather valuable data about their member's financial behaviors to provide more personalized offerings and improved member engagement.
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