Build a Modern Banking Experience for your Members

By Preston Packer |

May

22

According to a LinkedIn study, Millennials will change jobs an average of four times in their first decade out of college, compared to about two job changes by Gen Xers in their first ten years out of college. This in contrast to their parents and grandparents, who seemingly "stuck it out" for longer, with the mentality of "why leave a perfectly good job for an uncertain one." even if the promise of greater money and benefits was appealing. While the reasons for younger generations to job hop more frequently are not limited to just factors of pay and benefits, a study by Utah-based Thrive Communications found that over 20 percent of Millennials would actually quit a job if the employer did not offer fast in-office technology. Technology is such a central and crucial aspect of this generations' lives that businesses who do not adopt new technologies will not keep the hearts of younger generations for long. It is not so much a lack of loyalty as it is a shift in priority. For this very reason, credit unions who wish to attract and keep Millennial members must build a modern banking experience, and do it well. 

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Design Your Credit Union Around THIS Member

By Preston Packer |

May

14

Baby Boomers were once the ultimate buyer, and the target market of banks and CUs, as well as industries across the board. Now, a new generation is soon to be the biggest player in the market: Millennials. This generation will become the largest group of first time home buyers, and by the year 2020, they will control $7 trillion of U.S. assets. Among all the generations, there is the biggest gap between Boomers and Millennials as their values, habits, and interests are very different. This has spurred a lot of change for businesses, as they need to adjust several facets of their operations to fit the needs of this new generation. It has reached the point where this change is inevitable, and those who ignore the needs of Millennials will lose out to the competition. Here’s how you can redesign your credit union to fit the needs of the ever elusive Millennial member.

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