Page 22 - 2015 Contact Magazine: 3rd Quarter

Debunking
Millennials’
Misconceptions
About Credit Unions
By Laura Michels
It’s difficult to go a day in the financial services industry
without hearing the word Millennial. The average credit union
member is well into their 40s, so with more than 25 percent
of the U.S. population now between the ages of 18 and 35,
engaging with this sought-after market is a must for credit
unions in Michigan and nationwide.
The problem is, many credit union leaders aren’t sure how to
attract this demographic.
To help bridge the gap, CU Solutions Group is rolling out
comprehensive, marketing solutions called LifeStepsâ„¢.
The campaign spans several facets, such as co-branded,
consumer-facing microsites, white papers, turnkey social media,
and digital content such as banners, posters and web content.
“As a turnkey marketing
pack product, LifeSteps will
help those credit unions
who continue to see
the average age of their members steadily rise,” said Paula
Piccinini, VP of marketing solutions and corporate marketing at
CU Solutions Group. “It is evident that connecting with the next
generation of potential members is critical. LifeSteps will help
credit unions make that connection.”
Messaging is still in development, but will center on the
responses from approximately 1,200 Millennials from
Michigan and elsewhere who took part in a series of surveys
and focus groups studying their attitudes about financial
services providers.
Survey Says…
Survey data revealed a variety of misconceptions about
credit unions, including that one-third of Millennials don’t
understand the difference between credit unions and banks.
22 T hird Q uarter 2016 I Contact
Focus group participants also misunderstood the demographics
that CUs serve.
“A credit union to me is more of the older generation; more
upscale,” said one young man.
“When I think of a credit union, I think of the older generation
with money,” added another.
Others thought credit unions were exclusive to certain groups,
and that there are fewer credit union ATMs than the number
provided by banks.
“I think we bank because of the accessibility,” said a participant.
“I feel like with credit unions there is not as many.”
“You think ‘big bank, small credit union,’” said one participant.
Good News for Credit Unions
But the survey data also provided some good news about what
Millennials desire in terms of customer service—an area where
credit unions typically shine.
“I like seeing the face,” said one participant. “I like seeing the
person and interacting.”
“I think I like going in and seeing the same guy. You get to know
each other and start to feel comfortable,” added another.
Continued exceptional customer service, combined with tools
to counter misconceptions and innovative methods to engage
younger age groups, may be just what credit unions need to
turn the aging membership trend around.
LifeSteps will help address misconceptions that some Millenni-
als have and fill the educational gap that exists. LifeSteps’ main
message will be: “Credit unions are the perfect resource to
serve the Millennial community.”
More information on LifeStepsâ„¢ is available
at CUSolutionsGroup.com.