Credit unions are an excellent choice for those seeking a personalized banking experience, strong local support, and more favorable rates and lower fees. While the benefits of being a credit union member are numerous, it's essential for credit unions to invest in the right technology to build a sustainable and future-ready institution. This involves attracting the newest generation of members each year.
With the average age of a credit union member at 53, there are notable differences in expectations among various member demographics. To attract and retain younger members, it's crucial to understand and cater to their unique needs and preferences.
Understanding the Needs of Younger Members
Studies indicate that younger members crave effortless interactions and consistent communication. This generation is known for its lower loyalty towards financial institutions, making it vital for credit unions to consistently deliver top-notch digital member services that cater to their preferences.
A key strategy that emerges is going digital. Younger generations prefer not to visit branches; instead, they want to address their banking needs online. By providing seamless and comprehensive digital solutions, credit unions can meet the expectations of younger members and foster stronger relationships with them.
Key Digital Member Services to Offer
After getting a better understanding your younger members and their financial needs, it's time to invest in the digital member services that will not only attract new members to your credit union by keep them engaging in your services.
Consider Offering These 3 Services
- Mobile Banking Apps: Almost 90% of Gen Z actively engage with mobile banking apps, providing a seamless and convenient way to ensure your younger members remain loyal to your credit union and don't seek out other financial institutions.
- Digital Payment Options: Gen Z stands out as being three times more inclined than other generations to use alternative payment methods. It is crucial for your credit union to offer a diverse range of options to cater to Gen Z's preferred way of making payments.
- Digital Onboarding: Incorporating digital onboarding into your credit union’s services is not just about meeting the needs of Gen Z but about futureproofing your institution. By adopting digital onboarding, you can enhance member satisfaction, streamline processes, and position your credit union as a forward-thinking and member-centric organization.
Encourage Gen Z to Engage with These Services
Once you have caught your new target audience's attention, it is essential that you continually engage them with a great user experience and frictionless banking.
Push Notifications and Alerts
No one likes to be left in the dark. Push notifications and alerts can help your new members feel in the loop on the most important things—like suspicious charges, low balances, and loan payments due dates.
Push notifications and alerts play a crucial role in keeping members informed, secure, and engaged. By delivering timely, personalized, and relevant information, these tools help credit unions build stronger relationships with their members, ultimately enhancing member satisfaction and loyalty.
Exceptional Member Support
Research conducted by HubSpot revealed that over half of Gen Z anticipates receiving a response within 24 hours, with many even expecting a reply within just a few hours.
Exceptional member support not only resolves issues but also builds trust, enhances satisfaction, and encourages ongoing interaction. By prioritizing high-quality support, your credit union can foster stronger relationships with members, leading to increased engagement and loyalty.
Start Growing Your Members With FLEX Digital Member Services Today!
Considering the complexities of integrations, implementing new technology, and managing various tasks can be time-consuming and resource intensive. Thankfully, FLEX offers a solution to streamline your technology, allowing your credit union to provide a seamless experience for members seeking the digital services they desire. Upgrade your tech offerings by clicking the button below to learn more about FLEX’s digital member services.
