ST. PETERSBURG, Fla.–PSCU has published the results of extensive research into the financial services needs of Millennials –in a report titled “PSCU GEMagination Report.” According to PSCU, it commissioned the report on behalf of its member-owner CUs to “discover deep, unmet needs specific to Millennial consumers.”
PSCU said GEMagination is a unique research approach developed by the Creative Problem Solving Group in Buffalo. The goal is to provide insights intended to help credit unions better understand the needs and behaviors of Millennial consumers based on their level of understanding of financial services today.
PSCU said that it and 16 of its owner credit unions conducted the research with more than 50 Millennial participants. During the discovery session, the credit unions were able to hear directly from members of a key demographic group about their financial needs and experiences. The participants’ responses during the facilitated dialogue led to over 500 “problem statements,” which were organized into six specific sets of needs, according to PSCU:
- Serving members
- Providing financial advice
- Providing education and financial literacy
- Providing the right tools, products and services
- Marketing and messaging for Millennials
- Rewarding and Incentivizing behavior
“An important component of the research is the detailed consumer stories that have been included in the results,” PSCU said. “They reveal the real life challenges that the Millennials shared during the study. Participating credit unions were able to share the stories with their credit union to help them prepare their future strategies for engaging and serving this valuable consumer segment.”
PSCU said it will be continuing this research in 2016 and providing more in-depth insights and findings to help credit unions plan strategies for continued success. The comprehensive GEMagination Research report is now available for download. PSCU’s Playbook, a product of another collaborative effort with Possibility Makers from PSCU’s Owner credit unions, can be found at https://www.pscuplaybook.com.