Millennial. Millennial. Millennial.
There. I used it. And I am not alone. Has anyone noticed that in the past few weeks every credit union subscription news feed you get has featured article after article about millennials? Who they are. When they will save. Where they will bank. What they will eat for lunch today. Why they are continually throwing the credit union industry curve balls. And so on, and so on.
I actually planned on writing today's blog about Mobile Lending through our integrated credit union core technology. But I read a great article today written by Jim Marous about this elusive generation that I thought was very insightful for our blog subscribers. Afterall, the FLEX core system is designed for credit unions to use technology to quickly adapt to the changing needs of members, be they young millennials or baby boomers.
Jim's article, entitled "Don’t Underestimate The Millennial Banking Opportunity" can be read its entirety here, and I recommend looking at some of the detailed graphs and statistics, as well as details behind his study. I have selected a few paragraphs that I found of particular interest to share:
"Millennials are the most ethnically and culturally diverse generation in US history, with varying financial needs and a multichannel method of researching and accessing financial services. As a result of their age, they are experiencing many life changes as they move from education, to employment, to marriage, to starting a family.
As these changes occur, Millennials are regularly changing their financial goals, attitudes and requirements from their financial institution. Each of these life events provide opportunities for banks and credit unions to engage the Gen Y segment with the hope of beginning the process of cultivating a long-lasting relationship.
For example, according to a study by Experian, seven percent of Millennials expect to buy their first home in the next year, with 16% expecting to get a better job – both of which are double the rate of total adults. These expected life events provide marketers unique opportunities to begin or grow relationships with this young generation before they have established relationships elsewhere....
As expected, the best way to reach Millennials is through digital channels. Thirty-five hours of a Millennial’s average week is devoted to digital channels, equaling more than 50% of overall media usage based on the Experian research. More specifically, the mobile channel is the center of the Millennial world, with this segment open to brand and marketing efforts on their phone..."
Mastering Millennials? We have a book for that!
So, yes, we have been talking about Millennials here at FLEX for a while as well, as we understand the importance of gaining younger members through mobile banking and mobile lending with integrated credit union core systems. We even put together an eBook on this topic, that I invite you to download now if you have not done so already.
