At the close of trading on August 22, 2018, the stock market made history by setting the record for the longest bull market ever recorded. The last low set by the S&P 500 index was on March 9, 2009, making this run 3,453 days of fairly steady growth, with the S&P 500 climbing by more than 320% over that period. A bull market refers to a market that is on the rise and is typified by a sustained increase in market share prices. During a bull market, investors have faith that this upward trend will continue, and will invest more. But not all investors are keen on stocks these days. Another report made the news last week that surprised some economists: Millennials actually prefer cash investments over the stock market, even in this long-standing bull market.

Credit unions often carry a reputation for being too small or not providing the same range of services compared with bigger financial institutions. However, credit unions are a $1.4 trillion industry and they are aggressively competing with their counterparts in the banking industry by offering products and services members are demanding.¹  Credit unions have made huge strides to become competitive with banks, and offer a wider variety of members services than one might expect. Here are 10 fast-facts about credit unions that may surprise you:

The Amazon Effect is a term commonly and increasingly used to describe the effect that the entire digital marketplace has had on traditional forms of commerce. The Amazon Effect has also changed the buying habits and expectations of your members. The impact that Amazon has had on the retail sector is well documented, especially when discussing the changing landscape with a brick and mortar store.  Not only has the Amazon Effect introduced consumers to a near frictionless shopping process, it has changed the mindset of consumers to expect more immediate results, not just in retail, but across many other aspects of their lives. The financial industry has certainly felt the effects and members, especially Millennials, expect a similar experience with their credit union.

Just as retail consumers want a quality experience in front of their computers as when in a shopping mall, members want the Amazon experience from their mobile banking app. They want the same member services as if they were in a branch. Immediate answers, full range of services and assistance just a click away. The more a member can get accomplished on your mobile app, the more they experience the value of mobile banking and the more loyal to the credit union they become. 

With Summer upon us, many families are busy mapping out their summer vacation plans. So get out your atlas and rulers, or make the trip to AAA for that all-important TripTik Travel Planner and guidebook, the only way to get turn by turn directions and a listing of hotels. WAIT - it's not 1988! Clearly, technology has advanced significantly, and the task of planning road trips has gone digital. The same can be said for mapping out your credit union's member journey. 

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: