BOULDER CITY, Nev.–Credit unions need to be thinking about 11-year-olds, according to one person.
“According to UNICEF, there are 1.2 billion children between the ages of 10-19, or 16% of the world’s population,” noted Sue Mitchell, CEO of Mitchell Stankovic and host of the most recent “Underground Collision” meeting, which was themed “We are the World” and which focused on the next generation.
The online event even included a Q&A discussion between a sixth-grader and CUNA Mutual CEO Bob Trunzo.
“As we plan for the next five years, plan for the fact that an 11-year-old will be your future member,” Mitchell said. “The next generation expects to be heard. They want a place to belong and also to be a part of an organization that is authentic.”
Rethinking ‘Belonging’
That latter point, said Mitchell, plays to the concept of “belonging” to a credit union. But it’s also part of an evolving understanding about what “field” means in field of membership, she added.
“Personal service isn’t limited to in-person or digital. It’s about the community, a place to belong,” Mitchell said. “Community isn’t geographic. It’s a sense of belonging. The data show that financial institutions, including credit unions, are falling behind fintechs. Why? Many think it’s because we can’t spend enough on technology. Many think it’s just the strongest that will survive. But how many think about how society is changing? Decision are being made long before (the age of) 16. The next generation has spent the last 18 months navigating the world. Are we striving for a demographic that has moved on, or are we positioning for the future?”
Ideas Into Action
Mitchell concluded her remarks by offering ways to put “ideas into action,” a consistent theme in the Underground Collision meetings:
- Use a new language that speaks to the next generation. “It’s about action, not words.”
- Seek out diverse voices that are diverse and relevant.
- “The world is a dark place without credit unions. Show your impact and instill a sense of urgency that reflects the time that will never be the same again. If we do that then credit unions will be cool.”