MADISON, Wis. (11/20/14)--As millennials ascend to the top of all consumer spending demographics--by 2017, they are estimated to be the largest--it's becoming more imperative for credit unions to position themselves to best serve these young adults.
To help credit unions ramp up memberships among this younger demographic, the World Council of Credit Unions has developed a new program, called weCU2, as part of its "Build the Brand" initiative.
The new program serves up digital strategies that will help credit unions become familiar and engage with millennials and, perhaps just as importantly, help millennials learn about credit unions.
These marketing strategies can attract young adults, whose communication methods and disinterest in traditional media have caused difficulties for many credit unions, despite young adults' closely aligned personal values with cooperative principles, World Council said.
"Youth and technology are key elements to growing our industry," said Victor Corro, Worldwide Foundation for Credit Unions vice president. "World Council recently challenged the global community to add 50 million new members by 2020. This initiative not only raises awareness of that challenge, but also provides best practices for membership growth."
weCU2 includes a series of online podcasts with industry expert interviews, videos, product case studies, Twitter chats, SlideShare presentations, an interactive blog and direct millennial feedback from across the globe.
To help illustrate the program, World Council launched the weCU2 program with a video, produced in partnership with Canada-based Vancity CU.
The goals of the program are to familiarize and educate millennials on how their values align with those of credit unions, and to give credit unions a full understanding of a millennial's unique needs and "digital DNA."
Sam Maule, emerging payment systems expert, will lead the program with additional staff from the Worldwide Foundation for Credit Unions.
weCU2 will launch its first podcast next week, featuring industry expert Jake Fuentes, CEO of Level Money. World Council will promote all program activities on its website, YouTube, Twitter and Facebook. Use the hashtag #weCU2 to follow all program activities.
Meanwhile, World Council and the Credit Union National Association will host an in-person weCU2 event next year at the 2015 World Credit Union Conference, which will run in conjunction with the CUNA 2015 America's Credit Union Conference in Denver.