How successfully credit unions attract the 100 million members of Generation Y—people born between 1981 and 2000—will go a long way toward determining the movement’s future viability.
Credit unions must raise Gen Y’s awareness levels. CUNA’s research from April 2013 shows that nearly half (45%) of nonmembers ages 18 to 24 are “not at all familiar” with credit unions. Another 26% are “not very familiar,” and 20% are “somewhat familiar.” Only 8% are “very familiar.”
On the upside, credit unions’ not-for-profit, cooperative business model resonates with Gen Y. These consumers also value the financial guidance and advice available at branches. Credit unions must communicate their Gen Y approach to those prospective members via an effective social media strategy that employs Twitter, customized text messaging, blogs, and online social communities.
They also must connect with Gen Y’s most trusted financial advisers—their parents—using channels appropriate to that generation.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
The 2017-2018 CUNA Staff Salary Report has been released. Uniquely comprehensive, the benchmarking tool contains salary data from credit unions nationwide for more than 90 full-time positions and 10 part-time positions.