A recent Credit Union Directors Newsletter discussed how millennials are demanding better mobile platforms; a perfect topic for directors to review and consider. Despite this feeling like old news, this relatively young and technology driven group of adults can spring new life into credit unions. “Many financial institutions pack a bunch of features into a checking account or loan, then spend hundreds of thousands of dollars to acquire customers. The product becomes secondary to the behavior that incepts it.”
In the Mountain States, where the snow is deep, there’s a frequent line that many transplants can be heard repeating, “I came for the winter, but I stayed for the summer.” For those that get to experience the change of seasons, spring is the reminder of what we wait for all winter. As spring flowers bloom and buds pop on tree branches, nature can guide our strategic thinking.
Credit unions should be focusing on the behavior that leads to the new loan rather than the loan itself. Additionally, CUs need to determine what it is that is making the millennial generation fund the new loan or open the new account. It’s also important to follow behavior, if they are coming for one thing, but staying for another, then embrace the greater good. Remember that the product is probably secondary to the behavior. It’s easy to forget that this audience (millennials) is the first “native digital generation.” Their direction, appetite and passions will demonstrate that fact – it’s important we all pay attention.
Millennials demand technology that keeps them out of the branch and at the same time is always available. This statement shouldn’t intimidate any credit union with a strong core system. Regardless if it’s a new loan program or an extra feature within your mobile banking app, today’s credit union core technology should feature the latest products allowing fluid and simple integration. Having that flexibility and efficiency allows CUs to avoid high-cost projects that limit resources. When truthfully, the focus should be on the reasons why members choose your credit union to meet their needs, this in-turn can be used to keep them happy and attract new ones.
