MADISON, Wis.— Filene Research Institute has announced The Center of Excellence for The Next Generation of Member Growth.
According to Filene, the goal of the center is to identify strategies, including internal and external practices, to attract, engage and retain the next generation of credit union members.
“Millennials and Gen Z are crucial for the future of credit unions,” Filene said. “However, at the current moment, these generations aren’t finding the financial institutions they need, and credit unions are struggling to find ways to attract new, younger members.
“Credit unions need to get on the financial radar of Millennials and Gen Zers and create deep, lasting relationships with them,” Filene continued. “Despite the current disconnect, there is overlap in the needs and beliefs of these generations and how credit unions conduct business.”
The Center is being led by Filene Fellow Kim Lear, “a highly respected generational sociologist.”
What Center Will Do
According to Filene, the Center’s work aims to:
- Identify emerging capabilities in both physical and digital channels to reach and convert Millennials and Gen Zers into members.
- Identify how products and services will need to evolve and what investments are necessary to meet the financial needs and build trust with the most diverse, multi-ethnic consumer base in history.
- Investigate what promising growth opportunities exist that can simultaneously protect credit unions against fintech incumbents while driving revenue and membership growth.
- Explore key infrastructure requirements to enable personalization of offers and optimization of the member experience to drive higher relevancy and conversion.
- Test marketing strategies and tactics to identify which approaches strengthen brand identity, reinforce value proposition, build loyalty and establish clear points of market differentiation.
The Goal
“I’m excited to embark on this journey to explore innovative approaches for credit unions to connect with the next generation—as they hold the key for future growth and sustainability,” Lear said in a statement. “With my deep understanding of millennial trends and generational dynamics, my goal for this new research center is to provide credit unions with actionable insights that will help build lasting relationships with younger consumers, ensuring their continued growth and relevance for years to come.”
The Sponsors
Sponsors for the new center include Bethpage Federal Credit Union, Christian Financial Credit Union, Financial Plus Credit Union, Fiserv and SRM (Strategic Resource Management).
The Center of Excellence for The Next Generation of Member Growth will officially launch in July.
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