Millennials are between the age of 18-34 and are the first generation to grow up consumed with technology. In order to attract this younger generation it’s important for credit unions to be mobile friendly and embrace social media.
Millennials value convenience when it comes to banking, getting a loan and just about every other transaction they make. The producers of Services On TV spoke with Kevin Harrington on this topic to get his suggestions on how credit unions can attract this young demographic.
Mobile Banking Platform-implementing a mobile banking platform is very important when dealing with millennials. It’s important for millennials to be able to view your website on their phone and to conduct business on their phone as well.
Apps-many people especially millennials do their banking by using an app today. If your credit union doesn’t offer an app for certain business transactions than you may be missing out on members. If you don’t have this technology available for your members you should look into implementing this.
Social Media-Millennials are very savvy when it comes to social media. If you want to attract them you need to have some type of social media strategy. They use social media such as Instagram, Facebook, YouTube and Pinterest for much of their news and to make decisions. It’s important to use these social media sites if you want to attract their business.
Fast and Easy-another thing that many millennials have in common is that they want to make transactions quickly and easily. They don’t want to go into a bank to make a transaction, they would rather do it on their phone. They make many if not all of their transactions on their phone because it’s easy and convenient. They like the fact that they can make these transactions anywhere.
When putting together your strategy to attract additional members don’t forget about the millennials. They account for a third of the population. They are running companies, buying homes and purchasing cars.
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