As regular blog readers will know, Doxim staff member Linda Wittich recently attended the CUNA Community Credit Union & Growth Conference. She has told us that one of the hot topics of discussion there was engaging Millennial members, and attracting new members from this cohort. Here’s a bit more on why that’s important, plus some links to a campaign that really worked to reach this elusive demographic.
There’s a big problem brewing for credit unions in terms of membership trends. Currently, the average credit union member is 48 years old, and credit unions are struggling with attracting younger members. The silver lining here is that once prospects become members, they stay that way – the average respondent to a recent CUNA survey had been a member for 16.2 years.
So, how can credit unions attract Millennials, a group who are notoriously cynical and wary about financial institutions? Well, 54% of Millennials indicate that they like local owned and operated banks, giving local credit unions a leg up on their big banking competitors, but this preference doesn’t seem to align with their actual banking choices. The challenge for credit unions is to articulate their local value to Millennials in a way that will spur them to actually sign up. This means reaching out to Millennial prospects with a message that resonates with them, and through the channels they prefer, and then making it easy for them to make the switch.
At the CUNA conference, a great example of digital outreach to Millennials was shared with the audience, and we wanted to share it here as well. You can find a short video about the “Make Your Money Matter” movement here, and their interactive website with the same messaging here. This initiative by 8 credit unions and PSCU resulted in 98,000 initiated conversations, 31,000 bank vs. credit union comparisons and 10,000 searches for a credit union in the CU locator, an incredible result. The “Make Your Money Matter” movement shows that if credit unions communicate their value to Millennials, the demographic will respond. It’s also a reminder that if credit unions want to reach out to younger members they need to take their communications digital, to the channels these customers prefer, and make it easy to open accounts online.
Your Millennial prospects want to work with you, so make it easy for them to join your credit union, provide them with the information they need and want through your digital channels, and we predict you’ll see your membership grow.