MALVERN, Penn.–A new white paper titled “Credit Unions and Millennials: Divided or United?” has been made available by Temenos.
“We live in an instant gratification world,” observes Larry Edgar-Smith, SVP-product evangelism with Temenos in introducing the paper. “While historically the credit union philosophy has resonated with Generation Y’s philanthropic bent, credit unions need to focus not just on their mission, but also on their delivery. By leveraging technology to deliver on their mission, credit unions can bridge the digital divide and unite members of all generations.”
After examining the traditional challenges credit unions have faced, the paper explores where opportunities lie for credit unions with Gen Y, of which there are nearly 80 million in the U.S.
Despite strong member satisfaction and negative consumer sentiment towards banks, credit unions’ market share of key profit drivers like mortgages and credit cards is in single digits, the paper states. It then notes, “It is here that real opportunity lies for credit unions, because younger members bring with them increased demand for loans, credit cards and mortgages – in other words much-needed value. Yet when asked why they aren’t members, many Millennials admitted to not knowing much about credit unions.”
The paper goes on to highlight how credit unions can attract younger members by appealing to common values and by engaging in two-way communication. For more information: www.temenos.com
A copy of the paper is also available in the CUToday.info Vault here.