It’s a question many credit unions still struggle to answer. How do we attract more Millennials to our credit union? You’ve used every possible way you can think of to market to them, but they’re just not interested.
The next question you should ask is why aren’t they interested in what you are offering? It could be ineffective marketing, but more than likely, they are not interested because your credit union has not adequately addressed the Millennial members in its strategic plan. You can’t expect them to respond to your marketing if you don’t do business in a way that caters to their needs.
Do your products meet their needs? Millennials have different needs than people older than them. Many of them don’t have checking accounts. They use pay cards instead – debit cards on which they receive their paychecks. All of the major national banks offer them. Does your credit union? Do you offer any products attractive to Millennials?
Is your atmosphere conducive to the Millennial mindset? Younger Millennials in particular are not attracted to branch offices that look like stuffy financial institutions. They want something more flashy and less “banky.” They also like to learn and are the generation with the least amount of financial knowledge. Giving them a space where they can browse and learn and even network would go a long way in attracting this young group of people.
Does your technology live up to their expectations? This one is a given. Millennials were practically born with tablets or other devices in their hands. They want fast and convenient service that is compatible with whatever device they have. That means mobile banking, mobile payments and mobile deposits. It may even mean personal teller machines in the branches.
These are the types of questions your executive team should be discussing in your planning sessions.
Millennials have to become a part of your strategy. They cannot just be a demographic to whom you market – especially because Millennials are not all one demographic. That’s an important distinction to recognize.
The oldest Millennials are in their 30s. They are having kids and buying homes. The youngest Millennials are in high school and college. They are trying to figure out what they want to be when they grow up and are defining the path that will take them there. At the very least, you are looking at two age groups with very different needs.
Marketing to Millennials is not enough. If your credit union is serious about growing its Millennial membership base – and it should be – you have to spend time planning a strategy that will cater to their wants and needs.