Why don’t more millennials join credit unions?
Because they don’t know what a credit union is, says Jason Dorsey, generational researcher and author of “The Power of Generations to Grow Your Business.”
“They think it’s a workplace union,” says Dorsey, who addressed the joint CUNA Technology Council/Operations & Member Experience Council Conference Sunday in Phoenix. “As members, millennials have a fundamentally different view of credit unions than those who work in credit unions. Most millennials never carry cash, while credit unions are asking whether we need branches.”
Credit unions are facing something that’s never happened before, Dorsey says. “They’ve never had to work with five generations of members. You have members who remember the introduction of black-and-white television, and now you have a generation of members who may never own a TV because TV goes with you; it’s in your pocket.”
The good news is that millennials trust not-for-profit financial institutions above all others, Dorsey says.
The bad news is that they don’t see credit unions in this way. “But we can fix this,” he adds.To attract the 83 million-strong generation of millennials, Dorsey suggests:
• Making them feel unique. “All millennials think they’re unique and special,” he says. “They want uniqueness. The best thing you can tell them is ‘we need to make sure we get you something that’s one of a kind.’”
• Realizing millennials are outcome-driven. Most communications in credit unions are linear.
The best way to reach millennials in a five-step explanation, for example, is to “start with No. 5 first and work your way back."
“They’ll follow every step,” Dorsey says. “Show us the outcome first.
• Understanding that millennials are visual learners. Show them specific examples of what you expect of them. “Take a photo or a video,” he says.
Dorsey offer several insights about the millennial generation:
“It’s causing millennials to not move fast into things” such as marriage and home ownership, Dorsey says.
“There’s a massive difference,” Dorsey says. “We don’t know how technology works; we just know we can’t live without it.”
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