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Study Shows Millennials More Content with CUs than Banks
Thursday, May 22, 2014 6:55 AM

Millennials are people whose birthdate falls after 1980. A recent study by CO-OP Financial Services was conducted on this age group and what they look for in financial institutions, and they concluded that most Millennials are more satisfied with their credit unions than banks. The special customer service they receive from credit unions seems to make a strongly positive impact on this generation as well.

CO-OP Financial polled 500 bank and credit-union members to find that 81 percent were content with their credit union's customer service, while only 56 percent were content with their bank's customer service.

Paul Arambula, Business Development Representative and Media Representative at the Focus FCU, is considered a millennial himself. He says, "We Millennials are smart and know how to shop around to get what we from who we want." Arambula also believes that marketers consider Millennials an "almost impossible creature to catch" and most of his conversations about the young generation start and end with smart phones and social media.

But the conversation shouldn't stop there. Arambula concurs with the CO-OP Financial study, that this group of youthful individuals still expects a lot of the same experiences that Boomers do. They want to be treated with respect and approached with a positive attitude.

Credit unions must be doing something right. Out of the 500 individuals polled, 95 percent are very satisfied with their credit union as a whole, while 88 percent were satisfied with their bank.

Paul notes that the Millennial mindset can be summed up like this: "If you rates are not low, your credit union better be meaningful and unique. If a financial institution wants a Millennial to stay loyal, either provide the best rates on everything, or do something to differentiate yourself from the competition. Hint: it's not all about social media and hashtags."