It's been a topic of discussions at conferences and forums for the past several years - Many credit unions struggle to gain the business of younger members, especially those in the Millennial and Generation Z age groups. New research has found that loyalty programs are a great way to grab their attention. Millennials and Gen Z seek out loyalty programs in almost anything they do. Whether it’s at a coffee shop, wholesale club, restaurant, or their favorite store, these generations want perks. According to a study by Alliance Data, 63% of Gen Z and Millennials agree they have many choices of where to shop, so a brand must show them loyalty to earn their business. Here are several reasons why it's time to focus a greater effort on loyalty programs to nab this market segment:
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