ST. PETERSBURG, Fla. (1/22/16)--The PSCU GEMagination Report offers credit unions insight on tapping the tremendous potential of the millennial generation.
Millennials exhibit loyalty differently from previous generations, according the report from the St. Petersburg, Fla.-based credit union service organization. They are less hesitant to switch, particularly when they believe there’s a better and easier way to accomplish something.
Combine their different sense of loyalty and a well-documented distrust of corporations and institutions, and the result is their tremendous potential to be a disruptive force.
The study was based on interviews with a select group of millennials to acquire insight into the participants’ unmet and unarticulated needs for financial services.
Among the ways credit unions can attract and engage millennials:
To meet these challenges, credit unions must:
The study said it was clear millennials want their relationships with financial institutions to be less about selling and more about providing solutions and options. Financial institutions also must move from a transactional to a more consultative role. They also should transition from requiring a fixed level of net worth to provide access to advisory services to meeting the younger generation where they stand financially.