In the ever-evolving world of financial services, understanding your members' preferences is key to staying ahead. Your credit union, with its unique member-focused approach, has a golden opportunity to tailor its offerings to meet the distinct needs of different generations. But how do you know what each generation truly wants from their credit cards?
With evolving technology and changing financial behaviors, credit card expectations are swiftly evolving. We aim to align your card offerings with what your members value most through providing generational preferences.
By understanding and catering to credit card preferences, your credit union can enhance member satisfaction and loyalty, ultimately gaining a competitive edge in the financial services landscape.
| Gen Z | Millennials | Gen X | Baby Boomers | |
| No Annual Fee | 29% | 19% | 30% | 45% |
| Low Interest Rate | 30% | 28% | 31% | 25% |
| Rewards Program | 11% | 14% | 17% | 11% |
| High Credit Limit | 15% | 19% | 10% | 5% |
| Introductory Offer/Welcome Bonus | 2% | 6% | 5% | 4% |
Data Source: the ascent
Tailor your card offerings to meet the unique needs of your members.
This proactive strategy not only enhances member satisfaction but also establishes your credit union as forward-thinking and member-focused entities in the dynamic financial services landscape.
Keep reading: Do Reward Programs Actually Build Loyalty?
Understanding the factors that could deter a member or potential member from signing up for a credit card is crucial. Without being aware of these deal breakers, your card strategy may fail to effectively attract and retain customers.
| Gen Z | Millennials | Gen X | Baby Boomers | |
| Annual Fee | 25% | 26% | 36% | 46% |
| High Interest Rate | 35% | 39% | 29% | 30% |
| Hire Credit Score Requirement | 22% | 22% | 18% | 9% |
| Non-competitive Rewards/Cash Back | 7% | 7% | 9% | 10% |
| No or Non-competitive Introductory Offer | 11% | 5% | 8% | 4% |
Data Source: the ascent
If your credit union is struggling to attract individuals to apply for your credit card, it may be because of these five deal breakers. Take a closer look at whether your annual fee is hurting more than helping your credit union's overall success.
By identifying these key factors that discourage members from obtaining a credit card, you can effectively boost member retention and prevent them from seeking out alternative credit card options.
There is a limited number of spaces in an individual's wallet. The number of cards each person carries reflects the level of competition your credit union faces.
| Gen Z | Millennials | Gen X | Baby Boomers | |
| 0 | 16% | 19% | 25% | 17% |
| 1 | 37% | 31% | 29% | 30% |
| 2 | 29% | 30% | 26% | 24% |
| 3 | 10% | 12% | 12% | 16% |
| 4 | 7% | 8% | 8% | 13% |
Data Source: the ascent
After looking at this table, you may feel concerned about the competition to secure a spot among the limited number of credit cards that members carry. But this table can be helpful to guide your card strategy.
If a significant number of your members do not utilize credit cards, it may be beneficial to explore other services that can enhance their banking experience and encourage loyalty.
Consider offering options such as debit card rewards, digital card integrations, and a user-friendly mobile banking app to better cater to their needs.
Across all age groups, FLEX card technology offers a powerful solution to enhance member card services. By incorporating rewards programs, seamless digital wallet integrations, and valuable member data collection, your credit union can gain a competitive advantage in attracting and retaining members.
Ready to explore FLEX's card solutions? Just click the button below for a free eGuide.