RANCHO CUCAMONGA, Calif. (5/21/14)--A recent study from CO-OP Financial Services delved into what millennials, or those born after 1980, look for in their financial institutions.
And what these young consumers desire, the study "Unlocking the Millennial Mystery" discovered, is more often found at credit unions.
"Both credit union members and bank customers are generally satisfied with financial institutions, (but) credit union members much more so," coordinators of the study reported.
Polling an even number of credit union members and bank customers, nearly 500 in all, the study uncovered that 81% of Gen Y members of credit unions said that their institution provides an "outstanding customer experience."
Only 59% of bank customers felt similarly.
Further, more than 95% of credit union members reported being very satisfied or at least somewhat satisfied with their financial institutions, compared with only 88% of customers of banks.
The survey also found that 38% of millennial credit union members would likely recommend their institution to others, compared with 16% of bank consumers.
"Positive customer experiences (for millennials) are largely driven by the basics," the study said. "Deliver on expectations and treat people with respect. Positive staff attitudes are more strongly recognized on a local scale."
To better understand this demographic, CO-OP Financial Services initiated the study to accomplish several goals: to better define consumer expectations at financial institutions; contrast expectations with actual experiences; and identify what consumers want in a credit union brand.
The survey looked at services and products offered by credit unions with a special focus on millennials and their decision making in selecting a financial services provider. All respondents said that they had switched financial institutions in the past 12 months or were open to doing so.
Results were presented Tuesday to attendees of CO-OP Financial's THINK 14 conference in New Orleans.