By Myles Bristowe
Step aside Baby Boomers; the Millennials are taking over.
With approximately 80-million Millennials in the U.S. today, it is no secret that they are quickly emerging as business leaders and industry game-changers. Within a few years, they will represent half of the U.S. workforce and wield more purchasing power than any other generation.
The challenge? Capitalizing on this invaluable opportunity.
The key to tapping into a generation that is largely unaware of what a credit union is, or how it functions, is creating relatability. The following three-pronged approach will help to attract and retain long-lasting relationships with Millennials.
Connect
Since 90% of people between the ages of 15 and 35 have a smartphone (that they check more than 43 times a day), utilizing mobile technology and social media is an important strategy. It is crucial to provide your core services online and via mobile devices so Millennials can manage their finances with the latest up-to-date technology.
For instance, offer convenient bill payment services and design products for life transitions, such as starting college, getting married and purchasing a home. This can convey you are in tune with their needs and are able to offer helpful services.
Educate
PSCU recently monitored tens of thousands of mentions of the word “bank” on social media during a 30-day period. After counting and organizing relevant tweets, comments and posts associated with the term, we discovered the most cited word was “hate.” A recent study also found that 73% of Millennials would rather get their banking services from nearly any other company than their existing bank. One third would even be willing to switch in the next 90 days if they found a suitable alternative.
Enter credit unions. While they are the alternative that Millennials desperately seek, many are unaware they exist – much less have knowledge of what they do or how they function. Hiring and promoting young employees who understand the motivations and ambitions of this demographic will benefit your company in many ways. Not only will they be able to relate to Millennials, but they can also articulate credit union ideals and practices in clear terms. In short, creating ambassadors could be your best recruiting tool yet.
Build
Once Millennials learn about the industry and understand how credit unions are a viable alternative to their banking woes, you can start building long-term relationships with them. For the majority of millennials, a trusting relationship with an accountable financial institution is a pressing, unmet need and promising opportunity for credit unions.
Continue to engage with millennials through relevant social media posts, creating a two-way street for communication. And don’t be afraid to initiate incentive programs that reward referrals that are made through social interaction.
Investing time and energy into recruiting and retaining Millennials now will undoubtedly benefit your credit union in the future. The knowledge you spread will boost industry awareness, and the relationships you cultivate can generate positive partnerships between young adults and financial institutions.
Are you up for the challenge?
Myles Bristowe is the vice president of content marketing at PSCU. Bristowe leads the company’s Make Your Money Matter initiative, which is centered on a social media platform that helps credit unions educate millennials and the larger community on how credit unions make your money matter.