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By: Today's Credit Unions

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April 11th, 2016

Is Your Credit Union Appealing to UnBanked Millennials?

Credit Union Growth | Millennial Marketing | Credit Union News & Information

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Unbanked Millennials - That Way by Choice

Not all unbanked Americans are in that state due to poverty, a new study finds. Some are unbanked by choice.

A survey analysis performed for Packaged Facts finds that there is a general trend away from having checking and savings accounts at traditional banking institutions, especially among members of the millennial generation.

This is a choice many younger people are making, since many deem traditional banking services to be unnecessary – or at least things one might only occasionally use.

Packaged Facts points out that these findings challenge the traditional notion of the unbanked American as someone who is “shut out” of the system due to poverty, or a lack of access. Clearly, an increasing number of Americans are unbanked by choice.

It also counters the traditional banking argument that checking and savings accounts are the foundation for lasting customer relationships.

Banks and credit unions need to compete with, or embrace, emerging banking models that are Internet- and mobile-driven.

You might also enjoy another recent blog on why mobile is essential to the future of your Credit Union

12 Steps to Grow Your Credit Union

About Today's Credit Unions

Today’s Credit Union is a team of marketing and editorial specialists with deep credit union experience. TCU was created to address the challenge Credit Unions have in making social media marketing really work for them each day. They take no advertising, and have no agenda outside the CU movement. TCU’s only business is serving Credit Unions and their members.

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