Recent Guest Blog from CUInisght: Last week I attended a great Credit Union event in Charlotte, NC, sponsored by the Carolina’s Credit Union League. In addition to presenting on Credit Union Marketing & Sales Strategy, I also attended a few sessions, and one of them on Millennial spending habits was particularly useful. Here’s a few key take-a-ways I wanted to share: 1. Millennials are Moving Away from the ‘Stuff’ Mentality:
Millennials are thought by many to be an important target for most businesses, but the question remains, how can credit union marketing better reach this group? Further, according to a recent article by Peter Strozniak for The CU Times, "Right now only 10% of 25-to-34-year olds are using credit unions. When you combine that statistic with the fact that 25-to-34-year olds are more likely to switch banks, it's easy to see how this group represents a tremendous opportunity for credit unions." Here are 4 clear ways your credit union marketing can shift, to better reach this all important younger demographic group:
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US credit unions lose “primary” status with many older Millennials, according to a new report from the credit scoring experts at FICO. FICO surveyed young adults, finding that 20 percent of 18-24 year-olds say they use a credit union as their primary financial. Data shows 18-24 year olds are attracted to low and transparent fee structures and better interest rates.
Last week I took part in two of the online sessions organized and presented by the team at #Banksocial. I also attended a great panel discussion on how Financial Institutions can better appeal to Gen Y. The panel included Karrie Drobnick, CMO at Verve Credit Union and a very insightful marketer, JD Scroggin, Social Media Officer at CoastHills Credit Union.
Ready or not, it's a millennial world; the rest of us just live in it. Millennials are those people born between the years of 1977 and 2000 and they now comprise 25% of the U.S. population. They also make up 21% of consumer discretionary purchases, estimated at over a trillion dollars of direct buying power. Some other important facts about millennials also include:
Millennials and Credit Unions: It’s Time to Switch to a Credit Union A new report from FICO finds that Millennials (adults aged 25-34) are more open to changing banks than members of older age groups. This should be good news for U.S. credit unions. According to FICO, Millennials say fees (low balance, ATM, etc.) are the top reason Millennials switch banks.