Numerous studies have been conducted and articles written about how to effectively market to Millennials and with good reason. Millennials are quickly coming of age to where they have extreme buying power and there are a lot of them. They are in fact the largest generation segment in the United States. We have discussed in the past how mobile banking, mobile lending and internet banking are some of the key product development efforts to gain this generation's membership (See our article Do Millenials Pay their Bills? The Case for Mobile and Internet Banking Integration). An article by CU Management furthers the discussion on how to market your credit union's emerging core technology products and services to potential Gen Y and Gen X members:

As our everyday lives become increasingly dependent on smartphones, we have to ask ourselves, "Is there any value in desktop banking being part of your strategic product development planning?" The answer isn't easy. Here we address some key issues surrounding mobile versus desktop in relation to credit union internet banking. 

One in 23 people suffer from phobias of one type or another. Arachnophobia, the fear of spiders, is the most common, with 48% of women and 12% of men fearing the 8 legged, sometimes venomous creature.¹ But for those members who suffer from Technophobia, or the fear of technology, adopting your online bill pay could be a real problem to the success of your internet banking strategy. Here are some ideas to soothe the anxieties that online bill pay and mobile bill pay may cause some of your worrisome members:

We’ve used this platform several times to focus on mobile banking this past year. And it was for good measure. Let’s break down some stats so you can be confident that your mobile strategy is right for 2016.

From 2014 to 2015, there was a 25% growth rate of financial institutions with consumer mobile banking apps. Thanks to CUTimes for the infographic we shared, we can give you some information to take into your next planning meeting.

New stats indicate that millennials will drive the future of the mobile wallet.  They are the up and coming group considered "mobile disruptors" that are reshaping the thought process of the payments industry. As wearables and mobile wallets pick up momentum with the younger audience, it's important for credit unions to understand behavioral trends not only for payments, but also for money transfers within mobile banking.

No matter what your major was in college, you no doubt had to learn the "Technology Adoption Lifecycle."  Perhaps it was taught in the context of history and the industrial revolution's impact on agriculture. Or, more likely, you remember it within the teaching of your economics or business programs as a way to characterize companies' cultures when it comes to embracing technological advancement, and the resulting adoption of that technology by the market.

Earlier this month, CUInsight shared an article that discusses credit union's marketing to millennials that caught our attention.  We have discussed in the past how mobile banking, mobile lending products and internet banking are some of the key product development efforts to gain this generation's membership (See our article Do Millenials Pay their Bills? The Case for Mobile and Internet Banking Integration). This article by CU Management furthers the discussion on how to market your credit union's emerging core technology products and services to potential Gen Y and Gen X members:

Believe it or not, millennials do pay their bills, if not a little differently. Millennials are the largest U.S. age group, which means they are worth adjusting for.  But did you know more than 20 percent of millennials have never written a check?  This is according to a recent study of the financial habits of millennials, also known as Generation Y, entitled Bill Payments Money Mindset Index .

No matter what your major was in college, you no doubt had to learn the "Technology Adoption Lifecycle."  Perhaps it was taught in the context of history and the industrial revolution's impact on agriculture. Or, more likely, you remember it within the teaching of your economics or business programs as a way to characterize companies' cultures when it comes to embracing technological advancement, and the resulting adoption of that technology by the market.

Do you feel your credit union core system has provided any realistic innovations recently?   According to Scott Hodgins, Research Director at Cornerstone Advisors, core providers were providing a less than worthy effort heading into 2013.  You can read his article "Demand Realistic Core Innovations in 2013" here.  Now that we are midway through 2014, where does credit union core technology and related innovation stand today?

At first glance it should be noted that in Mr. Hodgins’ article, he discussed only the largest players in the credit union core technology marketplace.   Evaluation of only the largest core providers is an accepted practice among consultants.  While certainly important, these are not the only credit union core providers, and as the article effectively illustrates, these companies are most interested in acquiring technology, not developing it.  

Is it possible that only looking to the largest providers in credit union core technology is the reason why innovation is stuck on empty?

There is innovation occurring in credit union core technology, it just might not be happening where you would expect to see it.