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Filene Study Has Answers to What Millennials Want
Tuesday, September 8, 2015 6:40 AM

In the study, “What Millennials Want: The Future of Millennials in the Credit Union System,” its author, Andrew Turner, lecturer, University of Wisconsin-Madison Law School, discusses what has been done and what can be done in the future to help the youngest millennials find their way into the credit union movement.

“No one is going to solve millennials,” Turner said. “This is a huge generation, facing unique and new challenges. At the same time, we are all hurtling into a new globalized, networked future that none of us yet fully understand. Having said that, the information, statistics, and studies do suggest some strategies worth considering.”

Those strategies include:

  • Technology isn’t enough to impress. Going mobile is effectively meaningless as a differentiator because everyone is doing it. Given that the cell phone is one of the fastest-spreading technologies in history, defining millennials as the “mobile generation” is shortsighted. It defines everyone;
  • Social media is crucial for engagement. It can’t be done halfheartedly. It must spring from the authentic nature of the organization. Credit unions that successfully employ social media use it as extensions of their work, and not just for marketing; and
  • Focusing on price will cost credit unions the game. Credit unions have to demonstrate that a credit union is much more than an affordable and fair bank, or they will be unable to compete.