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Dialing up the Right Channels on Millennials
Tuesday, July 26, 2016 6:35 AM

Bob Rehm, CUDE, VP Sales and Service, Credit Union Resources

Recently I attended the Credit Union Association of New Mexico annual meeting. Several speakers addressed the changing markets for credit unions and specifically the generational impact. We heard that, as of last year, Millennials now make up the majority of workers in the workplace, and that percentage will grow each year. According to Forbes Magazine, Millennials will be 75 percent of the workforce by 2025.

CUNA Mutual recently released a study taking a closer look at the highly valuable Millennial segment, defined as those ages 18-34, with household incomes ranging from $25,000-$100,000. According to the report, the Millennial segment is relatively difficult to pigeonhole. But there were a number of commonalities: Millennials tend to be optimistic, though worried about their finances; are more likely than older consumers to purchase a car or home in the near term (especially if they are parents); are attracted to mobile banking; and know little about the credit union difference.

As I mentioned in a recent blog, Gondolas of Disruption, we are in a fluid time in the delivery of financial services. The mix of channels credit unions employ to serve millennials certainly will be different than the channels baby boomers use to interact with our credit unions. Technology, branch design, call centers, and staffing will evolve as the mix of members' changes.

To that end, a result of a recent meeting of Resources' Impact Group will be that we create three branch design templates that credit unions can use in planning how to serve the changing marketplace. Three of our partner companies, Level 5, CO-OP Financial Services, and Diebold will participate in the project. The resulting templates will reflect forward-thinking designs that can incorporate various mixes of physical space, technology, and staff. 

If you would like to read more of the CUNA Mutual study, "What Matters Now: Insights from Millennials," along with an infographic featuring key insights, is available from CUNA Mutual here.

In the meantime, if we can help, contact us at Credit Union Resources where our goal is to be the leading provider of business solutions for the credit union community. We are a wholly owned subsidiary of Cornerstone Credit Union League and proud to serve as the service corporation for Cornerstone's member credit unions. Our motto says it all...Your Business, Our Focus, Expert Solutions.