Unlocking Millennial lending opportunities

Millennials will soon be the largest living generation in the U.S., and by 2020, they are projected to contribute $1.4 trillion to annual consumer spending.

Due to their sheer size, Millennials show the greatest demand potential for loan products in the U.S. with mortgages, auto loans, and credit cards among the top three loan products in demand. But their needs, attitudes, and tendencies around lending are quite unique.

How can financial institutions reach Millennials and become their go-to resource for lending needs? Understanding Millennials’ current borrowing needs and behaviors is essential for building long-term relationships with them.

Financial services marketers who want to acquire Millennial consumers with the most potential for profit must ask some key questions:

• Which financial products are most likely to appeal to Millennial consumers at particular life stages?
• Can they afford these products?
• How do I get them interested and engaged?

For more information, download Harland Clarke’s white paper, “The Top Things You Need to Know to Unlock Millennial Lending Opportunities.”

Harland Clarke is an endorsed business partner of Credit Union Resources, Inc., a wholly owned subsidiary of Cornerstone Credit Union League.